Uber is set to raise $7.9bn to $9bn if it floats within its range, while PayPal has agreed to invest another $500m through a private placement.
US-based ride hailing service Uber revealed today it plans to raise up to $9bn in its initial public offering and has secured a $500m commitment from payment technology provider PayPal.
The company plans to issue 180 million shares on the New York Stock Exchange priced between $44 and $50 each, which would raise between $7.92bn and $9bn. PayPal will buy another $500m of shares through a private placement.
Uber runs an app-based on-demand ride service spanning 63 countries in addition…
