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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 Rolling out ‘Quiet Mode’ on its Luxury Services

Uber Black and Uber Black SUV are the company’s premium car services that place riders in high-end vehicles

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

For people who don’t prefer chatty drivers, global ride-sharing major Uber is rolling-out “quiet mode” on its luxury services.

It’s the first upgrade to the ride-hail giant’s premium services to take place in several years, The Verge reported on Tuesday.

Under the upgrade, Uber would also allow its Premium riders to request help with their luggage and specify their preferred temperature while booking the ride.

They can also ask for extra time before getting into the car without incurring late pickup fees, and will able to speak directly to a customer service representative if something goes wrong, the report said.

Uber app.

More region and rollout specifications of the feature remain unclear as of now.

Uber Black and Uber Black SUV are the company’s premium car services that place riders in high-end vehicles.

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Originally founded as a luxury car service that could be booked through a smartphone app, Uber later introduced low-cost options like Uber Pool.

The company launched its services in India with Uber Black in 2013 and then the premium UberX in 2014. It currently operates in 31 cities in India. (IANS)