Spanish mobility app Cabify hires CFO to accelerate its IPO plan, Auto News, ET Auto
Spanish app Cabify said on Friday it had hired a CFO to accelerate its Madrid stock listing plans and capitalize on a pandemic-induced boom for urban mobility and fast delivery service apps .
Cabify, in an emailed statement, confirmed media reports that it had chosen Antonio Espana, former CFO of pipeline operator Redexis, as its new CFO. Espana previously worked with security firm Prosegur ahead of its initial public offering.
“(Antonio Espana) has previously led IPOs and managed listed companies,” said a source within the company. “(Going public) is a path the company is considering to continue to develop its mobility ecosystem.”
The source gave no deadline for the IPO.
Cabify faces stiff competition in Spain, jostling with Uber Technologies in the ridesharing business and food and parcel delivery start-up Glovo in courier services.
In February, it sought to diversify its offering by launching a partnership with WiBLE, a fully electric car rental service in Madrid.
Meanwhile, Barcelona-based rival Glovo, which has 10 million users, is heading for an IPO, claiming last week that it raised an additional 450 million euros ($ 535 million) in the of its last round of financing.
Cabify is the latest in a series of companies, primarily in the renewable energy sector, to disclose plans to go public in Madrid in what is expected to be a record year for new listings, the official said. of the Spanish stock market regulator Rodrigo Buenaventura.