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Transport for London / PCO Licence no 08004/01/01
19 - Mar - 2019

Ride Hailing Company Gett Plans IPO on Either London Stock Exchange or TASE

Israeli taxi hailing app company Gett, told the financial times that they are planning an Initial Public Offering (IPO) later this year on either the London Stock Exchange or the Telaviv Stock Exchange.

Gett does not publish financial figures but it anticipates being profitable this year and is planning the IPO in order to cash in on the demand for listings for ride-booking companies.

Gett CEO Dave Waiser said the company considered listing after rival Lyft intended to float despite losses. He said, “We will see how Lyft goes, we believe there’s a lot of public capital waiting for the [technology] darlings [Uber and Lyft], but we also believe that our business model makes sense,”

The app does not use the mainstream minicab model rather it offers rides through established taxi operators. Gett users are linked to established operators like Black Cab that enables the company to tap into existing taxi networks.

Last year, the company raised $130million from shareholders including Volkswagen bringing the total raised to $700million and its valuation to $1.4billion.

Corporate sales currently account for more than half of the company’s revenue.

Gett intends to use the funds from the IPO to invest in its existing networks in UK, US, Israel and Russia.

Uber is also expected to float this year.

By Airport Pickups Londoin