Bolt Technology Reportedly Exploring IPO for Ride-Hailing Operation
Estonia-based Uber rival Bolt Technology is reportedly exploring an initial public offering (IPO).
The mobility company is exploring options that could include an IPO, Bloomberg News reported Wednesday (Feb. 26), citing sources familiar with the matter.
Those sources say the company could pursue a listing as early as 2026, and was weighing the benefits of going public in the U.S. or Europe. The sources added Bolt was also considering other paths to raising capital.
PYMNTS has contacted Bolt for comment but has not yet gotten a reply.
“As with any company considering a public listing, we consult with specialist advisers on a number of areas to assist,” a Bolt spokesperson told Bloomberg.
“We continue to evaluate a number of potential listing venues,” the spokesperson added, noting that IPO date would be dependent on market conditions.
Bolt, whose services include ride-hailing, food delivery and scooter rentals, was valued at 7.4 billion euros in 2022 — that’s $7.7 billion in today’s exchange rate, $8.4 billion back then — following a 628 million euro funding round.
The company raised another $231 million credit facility in 2024 that CEO Markus Villig said would help it to “work towards being IPO-ready.” Also last year, the company began hiring managers to bring its eScooter operations to the U.S.
The news comes as the increasing cost of rideshare services could cause demand to dip, according to a report last week from gig worker app provider Gridwise.
The report found that the median price for rideshare services (not counting tips) climbed 7.2% in 2024 following a 7.6% increase in 2023.
“These trends reflect inflationary pressures, adjustments in base fares, and higher operational costs, including fuel and vehicle maintenance,” the report said.
Offering reduced fares is the chief way companies can retain users, the report added, with around 56% of customers saying lower fares keep them loyal to their chosen rideshare service.
“This highlights the importance of operational efficiency and cost-effectiveness in retaining users,” the report said.
Roughly 72% of the consumers surveyed said they would cut back on or stop their use of rideshare services if prices rose even further, while 19% said they would not change their usage habits due to higher prices, the report found.
Meanwhile, Uber reported earlier this month that its Mobility segment enjoyed 24% year-over-year growth in gross bookings.
The company said it focused on driving demand through product innovation, launching services like Uber Business Black and Uber for Teens, and expanding low-cost options like UberX Share and Uber Shuttle.
The post Bolt Technology Reportedly Exploring IPO for Ride-Hailing Operation appeared first on PYMNTS.com.