Uber Stock – CORRECTED-Spain’s mobility app Cabify hires CFO to speed up IPO plan
(Changes attribution in paras 3 and 4 to a source within the company, not a company spokeswoman)
April 9 (Reuters) – Spanish ride hailing app Cabify said on Friday it had hired a chief financial officer to accelerate its plans to list on the Madrid stock exchange and capitalise on a pandemic-induced boom for urban mobility and rapid delivery service apps.
Cabify, in an emailed statement, confirmed media reports that it had picked Antonio Espana, former CFO of gas pipeline operator Redexis, as its new CFO. Espana previously worked with security firm Prosegur in the run up to its initial public offering.
“(Antonio Espana) has previous experience leading IPOs and managing publicly-listed companies,” a source within the company said. “(Going public) is a path the firm is considering to continue developing its mobility ecosystem.”
The source did not give any timeframe for the IPO.
Cabify faces fierce competition in Spain, jostling with Uber Technologies in the ride-hailing sector, and food and parcel delivery startup Glovo in courier services.
In February, it sought to diversify its offering by launching a partnership with WiBLE, an all-electric car rental service in Madrid.
Meanwhile Barcelona-based rival Glovo, which has 10 million users, is striding towards an IPO, saying last week that it had raised an additional 450 million euros ($535 million) in its latest financing round.
Cabify is the latest in a series of companies, mainly in the renewable power industry, to disclose plans to go public in Madrid in what is expected to be a record year for new listings, the head of Spanish stock market regulator Rodrigo Buenaventura said. ($1 = 0.8417 euros) (Reporting by Aida Pelaez-Fernandez and Clara-Laeila Laudette, editing by Inti Landauro and Barbara Lewis)