SAN FRANCISCO: In 2015, Uber Technologies Inc went on a fundraising spree in China, tapping venture capitalists and state-backed corporations for cash and connections to try and navigate the Chinese regulatory environment.Uber ultimately pulled out of China, but the investors it gained in the country became part of a gallery of far-flung Uber financiers that include U.S. geopolitical rivals under intense regulatory scrutiny by the U.S. government.Uber's investors come in all stripes: state-owned banks and corporations from China and Russia; sovereign wealth funds from Qatar, Singapore and Saudi Arabia; a Russian businessman arrested last year on embezzlement charges; venture capital funds from across Europe and the United Arab Emirates; and Indian conglomerates and a Malaysian public pension fund.Many of these investors will likely have made a bundle this week in Uber's long-awaited initial public offering. The company on Thursday priced its shares at US$45 a piece, raising US$8.1 … [Read more...] about Cashing out in Uber’s IPO: China, Russia and the Middle East
Uber ipo how much
When Uber begins trading on Friday, it will cap one of the largest ever tech initial public offerings and join a crowd of big-name startups making their stock market debuts this year. Not since the dot-com boom have so many richly valued tech companies gone public in such short succession: Shares of Lyft and Pinterest are now trading, and Slack, WeWork and Palantir are expected to follow soon. But this crop of tech companies is markedly different from those that came up during the late 1990s. Many rode the rise of mobile connectivity and cloud computing in the last decade to multibillion-dollar valuations. They are more mature, having spent years as private companies building their businesses. But a number remain deeply unprofitable, and the time they spent in the private markets, increasing in size and value, has ultimately raised questions about where they go from here. By staying private for longer, tech startups have been able to avoid public scrutiny When Netscape, Yahoo and … [Read more...] about News How does Uber IPO differ from dot-com boom?
WASHINGTON: Rideshare drivers in major US cities were set to strike Wednesday, casting a shadow over the keenly anticipated Wall Street debut of sector leader Uber. Organizers in some cities were calling for a 24-hour stoppage while the New York Taxi Workers Alliance, which represents both app and traditional taxi drivers, called on drivers to shut down all apps between 7am (1100 GMT, 7pm Malaysia) and 9am. The organizers called on drivers for Uber, Lyft, Via and other ride-hailing platforms to stop working as part of the protest. It was unclear how many drivers would take part in the work stoppage amid strike calls in Los Angeles, Philadelphia, Boston and the US capital city Washington. A similar action was expected in London, according to US organizers. The app drivers are seeking improved job security including an end to arbitrary “deactivations,“ and a better revenue split between the drivers and platforms. In New York, the alliance was expecting most of its 10,000 app … [Read more...] about Strike set for rideshare drivers, casting shadow on Uber IPO
Technology Uber Technologies Inc CEO Dara Khosrowshahi and his top management team took the ride-hailing giant's investor roadshow for its initial public offering to New York on Tuesday, as demand for its shares already exceeded supply. 01 May 2019 04:26AM Bookmark NEW YORK: Uber Technologies Inc CEO Dara Khosrowshahi and his top management team took the ride-hailing giant's investor roadshow for its initial public offering to New York on Tuesday, as demand for its shares already exceeded supply.At a lunch presentation in the Mandarin Oriental Hotel overlooking New York's Central Park, where fusilli pasta and BLT club wraps were served to investors, Khosrowshahi said Uber's future was not as a ride-hailing company, but as a wide technology platform shaping logistics and transportation."Dara was very impressive, he did a good job articulating the story," said one of the investors who attended, who requested anonymity because the presentation was closed to the media.Uber is … [Read more...] about Uber takes IPO roadshow to New York as demand builds up
LONDON: Uber Technologies Inc Chief Executive Dara Khosrowshahi sought to persuade money managers in London that the loss-making ride hailing firm's growth plans justified a valuation of up to US$91.5 billion in an initial public offering (IPO).In the ballroom at Claridge's, the five-star hotel in London's wealthy Mayfair district, over 100 investors listened on Monday to Khosrowshahi and CFO Nelson Chai talk about the company's plans to expand their food delivery business and venture into other new business areas like shopping.Uber is trying to show investors that it can shift from being simply a ride-hailing service to a technology platform for services ranging from delivering groceries and take-away meals to organizing freight transportation."While they didn't call themselves Amazon, they made several references to their platform and how they intend to build that out," said one investor who attended the hour-long presentation but declined to be named.Uber reported on Friday that it … [Read more...] about Uber quizzed on growth at IPO roadshow in London