Uber float values company at $82bn

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Uber has set a price for floating its shares on the New York Stock Exchange, in what is expected to be one of the biggest stock market flotations of the year.

The ride-hailing taxi app firm has priced its shares at $45 (£35). The deal values Uber at $82bn (£63bn).

The price is near the bottom of the expected $44-$50 range - a sign that investors are cautious about the firm.

Uber hopes to sell 180 million shares when trading starts on Friday.

This is the highest profile US flotation since Facebook seven years ago, analysts say.

Rival Lyft's flotation was priced at $72 per share when it listed on the New York Stock Exchange in April, but its share price has fallen by as much as a third since then.

Uber is keen to avoid a similar fate, but the firm has so far failed to make a profit.