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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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Uber, bengaluru
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”.

Also Read- Amazon Accused of Violating Kids’ Privacy with Alexa

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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Uber Receives 3,045 Cases of Sexual Assault in U.S. in Year 2018

"We are partnering with RAINN, the nation's largest sexual violence organisation, to design and implement this programme," Uber added

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

Ride-hailing giant Uber has released its first safety review which contains thousands of sexual assault reports. The company has also revealed the changes it was making to make rides safer for its passengers and drivers.

The two-year safety review contains almost 2,936 reports pertaining to sexual assault that Uber received in 2017 and 3,045 it received in 2018.

Notably, the cab aggregator categorises sexual assaults into five subcategories, which are non-consensual kissing of a non-sexual body part, non-consenual touching of a sexual body part, attempted non-consensual sexual penetration, non-consensual kissing of a sexual body part and non-consensual sexual penetration.

In the last sub category, which is rape, the cab hailing major received 229 reports of rape in 2017 and 235 reports of rape in 2018. Throughout 2017 and 2018, the reported incidents occurred on 0.00002% of trips, according to the company.

“Confronting sexual violence requires honesty, and it’s only by shining a light on these issues that we can begin to provide clarity on something that touches every corner of society,” Tony West, Uber’s Chief Legal Officer, said in the review.

“And, most importantly, by bringing hard data to bear, we can make every trip safer for drivers and riders alike.”

Uber
Uber app. Pixabay

The ride hailing major long been under fire for its safety practices.

In its response to making rides safer for its passengers, Uber mentioned developments like its “in-app safety button”.

“We’re rolling out new features that allow riders to verify their driver with a secure PIN code, send a text message directly to 911 operators, and report safety incidents to Uber even before their trip is over,” the company said.

Also Read: Elon Musk Wins in Defamation Trial Over his ‘Pedo Guy’ Tweet

In 2020, the cab aggregator will expand sexual misconduct and assault education to all the US drivers.

“We are partnering with RAINN, the nation’s largest sexual violence organisation, to design and implement this programme,” Uber added. (IANS)