Uber drivers plan international protest ahead of US$9 billion IPO
The protest will span across the United States and United Kingdom, with drivers in London and its surrounding cities saying that they will turn off their apps at 7.00am on Wednesday.
Drivers of ride-hailing app Uber are planning to stage an international protest against the tech firm ahead of its US$9 billion initial public offering (IPO) by turning off their ride-hailing apps on May 8, 2019 to complain over low wages, unstable work and an unsustainable business model.
The protest will span across the United States (US) and United Kingdom, with drivers in London and its surrounding cities saying that they will turn off their apps at 7.00am on Wednesday while driver groups in US cities such as Boston, Los Angeles, New York, and San Francisco will also be participating in the strike, Bloomberg said.
Some driver groups are calling for a strike that will last from 7.00am to 4.00pm while others are asking for drivers to boycott the app for a full day.
Uber’s situation is not that different from rival Lyft’s recent IPO, where protestors had staged a protest during Lyft’s investor roadshow and its drivers had went on strike in Los Angeles and San Diego.
Uber is due to price its shares on Thursday and expected to begin trading on the New York Stock Exchange on Friday. It has not made a final decision on the price of its shares.
People familiar with Uber’s IPO told Bloomberg that the firm has enough investor demand to price its stock at the top end of its price range. Earlier reports revealed the firm’s consideration to debut at share prices of between US$44 and US$50 per share.
Uber’s share sale could raise as much as US$9 billion, which is a sum that is likely to be the largest listing this year as well as one of the largest US listings in history. The deal would value the business at US$84 billion.
This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.
Trade Uber shares
Uber listed on the New York Stock Exchange in May 2019. Find out more about the valuation, as well as how you can trade on, or invest in, Uber stock.
Live prices on most popular markets
- Equities
- Indices
- Forex
- Commodities
Prices above are subject to our website terms and agreements. Prices are indicative only. All share prices are delayed by at least 15 minutes.
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
