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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”.

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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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Uber Lays off 350 Staff Across Eats, Self-driving Wings

Since then its shares have hovered around its $45 IPO price. The company has also seen three board members step down, along with its Chief Operating Officer (COO) and Chief Marketing Officer (CMO), according to the CNET

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Uber app.

Global ride hailing giant Uber, in its third round of layoffs in 10 weeks, has cut off staff from its self-driving unit and Uber Eats teams, The TechCrunch has reported.

According to an email sent to staffers, Uber CEO Dara Khosrowshahi, those hit include staff from Uber Eats, Advanced Technologies Group and recruiting, performance marketing, as well as various teams within the global rides and platform departments.

Several staffers have also been asked to relocate.

“Days like today are tough for us all, and the ELT and I will do everything we can to make certain that we won’t need or have another day like this ahead of us,” Khosrowshahi wrote in the email, according to the report.

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

In its last round of layoffs, the firm sacked 400 staffers from its 1,200-member marketing team globally to cut costs and streamline operations.

The ride-hailing giant has had a rocky start after it became a publicly traded company. When it issued its initial public offering in May, its stock fell by nearly 8 per cent.

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Since then its shares have hovered around its $45 IPO price. The company has also seen three board members step down, along with its Chief Operating Officer (COO) and Chief Marketing Officer (CMO), according to the CNET. (IANS)

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