REUTERS: Uber Technologies Inc's shares fell nearly 9per cent in their debut on Friday, marking a rocky start to one of the most high-profile U.S. initial public offerings since Facebook Inc's seven years ago.
The IPO marks a landmark moment for the decade-old company, which was started after its founders struggled to find a cab on a snowy night and grown into the world's largest ride-hailing company, making more than 10 billion trips. The company's road to IPO was marred by several hurdles including increased regulations in several countries and fights with its drivers over wages.Uber has said that it has the potential to grow not just in the cab hailing business, but also as a"superapp" to provide a variety of logistic services, such as grocery and food delivery, organizing freight transportation, and even financial services, much like Grab, its Southeast Asian counterpart.
Philippines Philippines Latest News, Philippines Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Uber to price blockbuster IPO against grim market backdropUber Technologies Inc will price its initial public offering on Thursday, the most high-profile U.S. listing since Facebook Inc seven years ago, ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »