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.

IGA, may distribute information/research produced by its respective foreign affiliates within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.

The information/research herein is prepared by IG Asia Pte Ltd (IGA) and its foreign affiliated companies (collectively known as the IG Group) and is intended for general circulation only. It does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.

Please see important Research Disclaimer.

See an opportunity to trade?

Go long or short on more than 17,000 markets with IG.

Trade CFDs on our award-winning platform, with low spreads on indices, shares, commodities and more.

Live prices on most popular markets

  • Forex
  • Shares
  • Indices
Sell
Buy
Updated
Change
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Sell
Buy
Updated
Change

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.

Sell
Buy
Updated
Change
-
-
-
-
-
-
-
-
-
-
-
-
China 300
-
-
-
-

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 20 mins.

The Momentum Report

Get the week’s momentum report sent directly to your inbox every Monday for FREE. The Week Ahead gives you a full calendar of upcoming key events to monitor in the coming week, as well as commentary and insight from our expert analysts on the major indices to watch.

For more info on how we might use your data, see our privacy notice and access policy and privacy webpage.

You might be interested in…

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.