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Uber Plays Safe, Prices IPO at $45 Per Share

Uber filed its IPO process last month. It would be listed on the New York Stock Exchange (NYSE) under the symbol "UBER"

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Photo shows an exterior view of the headquarters of Uber in San Francisco. (VOA)

Facing a turbulent time at its drivers’ end, Uber Technologies has priced its initial public offering (IPO) at $45 per share and aims to raise $8.1 billion as it prepared for its public debut on the New York Stock Exchange on Friday.

According to a CNBC report late Thursday, “at the IPO price of $45 per share, the company will be valued on a non-diluted basis at about $75.46 billion”.

“On a fully diluted basis, Uber has an implied market valuation of $82.4 billion,” the report added.

The ride-hailing service is offering 180 million shares of its common stock.

Uber was expected to be valued at as much at $120 billion following its offering.

App-based Cab Uber. Wikimedia

“But it dialed back the projected price of its shares after rival Lyft, which went public in March, saw its stock sink sharply following its IPO. Lyft shares were trading this week at around $54, down 25 per cent from their debut day,” reports CBSNews.

The company registered $11.3 billion in revenue for 2018 — up 43 per cent from 2017. It adjusted losses of $1.8 billion, an improvement over losses of $2.6 billion in 2017, according to its IPO filing.

Uber filed its IPO process last month. It would be listed on the New York Stock Exchange (NYSE) under the symbol “UBER”.

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As of December 31, 2018, it had 91 million, or 9.1 crore, monthly active platform users. There were 3.9 million, or 39 lakh, drivers on the platform by the end of 2018.

Uber drivers in cities like Los Angeles, New York City, London and Tokyo joined a global strike and logged off from the app as they cash incentives have considerably gone down while work hours have gone up. (IANS)

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Ride Hailing Giant Uber Starts its Services in Vancouver

Uber, Lyft start ride hailing services in Vancouver

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Uber
Uber has started its official rides and app in Vancouver, British Columbia, making it the last major city in North America to get the cab hailing services. Pixabay

Ride hailing giant Uber has started its official rides and app in Vancouver, British Columbia, making it the last major city in North America to get the cab hailing services.

This isn’t the first attempt that the ride hailing giant has made to operate in Vancouver. The city was one of the first target markets outside of the US during the company’s expansion in 2012.

However, the British Columbia Passenger Transportation Board, an independent tribunal that makes licensing decisions for commercial passenger-directed vehicles, informed Uber that it would need to charge a minimum of $75 per trip, the same as other chauffeur services, which caused the company to exit the market, wccftech reported on Saturday.

Uber
This isn’t the first attempt that the ride hailing giant has made to operate in Vancouver. This isn’t the first attempt that Uber has made to operate in Vancouver. Pixabay

It is pertinent to note that people in Vancouver, BC can hail rides from San Fransisco headquartered Lyft, too.

The approvals technically cover the whole of the Lower Mainland and the skiing destination of Whistler, BC, although that wider permission only allows for drop-offs.

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The companies only have permission to pick up passengers in Vancouver.

Most other cities in the region (including Burnaby and Richmond) expect to offer licenses soon, though, with Surrey being the notable exception, according to Engadget. (IANS)

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