Audio By Carbonatix
Online payments company PayPal plans to invest $500 million in Uber Technologies as the ride-hailing firm unveiled terms for its initial public offering on Friday, Refinitiv IFR reported.
PayPal will invest in Uber through a concurrent private placement at the IPO price, IFR reported on Thursday, citing sources.
A financial services component is important to Uber as it works to expand into a “superapp” of logistics and transportation services.
Superapps are applications where customers go for a range of services, such as transportation, shopping and payments. Such companies can be much more lucrative than those that offer just one core business or service.
Uber set a price range of $44 to $50 per share for its IPO Friday in an updated filing. It would be valued at about $84 billion at the high end of the range.
The company seeks to raise about $10 billion in its IPO. The company will begin its IPO roadshow on Friday.
The valuation sought is less than the $120 billion valuations that investment bankers told Uber last year it could fetch, and closer to the $76 billion valuations it attained in its last private fundraising round last year.
Uber and PayPal were not immediately available to comment on the IFR report.
Latest Stories
-
Badenoch welcomes expanded grooming gangs inquiry
31 seconds -
GACL MD sues Samuel Buabeng over alleged Facebook defamation
6 minutes -
Asylum votes show people want help, says Kemi Badenoch
10 minutes -
Kemi Badenoch backs face covering ban at protest
23 minutes -
Man City not ‘above the rules’, says No 10 after backlash to Burnham remarks
32 minutes -
Real Madrid submit ‘substantial’ dossier in Barca payments case
41 minutes -
Messi completes purchase of second Spanish club
49 minutes -
Government must engage horticulturists on tomato crisis – GhIH
52 minutes -
King Promise’s ‘Can’t Tame Us’ becomes official Chelsea anthem
57 minutes -
Afenyo-Markin demands Baffour Awuah’s release from EOCO’s custody, end to alleged political intimidation
1 hour -
Rapper Rick Ross arrested on domestic violence charges
1 hour -
Minority demands security review of Ghana-Colombia visa waiver and port deals
1 hour -
Pursue drug kingpins, not persecute political opponents – Afenyo-Markin tells EOCO
2 hours -
‘I am disappointed’ – Yaw Ampofo Ankrah breaks silence after NSA suspension
2 hours -
UK in talks with EU partners to release strategic fuel reserves if needed, BBC understands
2 hours