MADRID (Reuters) – Spanish ride-hailing app Cabify plans to list its shares on the stock market within 12 to 15 months, local news website El Confidencial reported on Tuesday citing unidentified sources closed to the company’s management.
The company’s valuation would be close to 2 billion euros ($2.2 billion), El Confidencial added, citing other unidentified financial sources.
The company, which has a large presence in Spain and Latin America, is one of Spain’s few unicorns, or start-up companies with a valuation above 1 billion euros.
Cabify is working with Morgan Stanley on the listing, El Confidencial said.
Having previously said it would eventually go public, Cabify has been bolstered by good results in 2022 after being hit by pandemic restrictions in 2020 and 2021, the news website said.
A spokesperson for Cabify declined to comment and a Morgan Stanley official was not immediately able to comment.
Ad: Save every day with Amazon Deals: Check out today's daily deals on Amazon.
($1 = 0.9322 euros)
(Reporting by Inti Landauro; Editing by Kirsten Donovan)