Uber shares plunge after SoftBank is said to undertake a stake sale

2021-07-29 10:39:02

SoftBank Group Corp. is selling about 45 million of its shares in Uber Technologies Inc, a source familiar with the matter told Reuters on Wednesday.

Uber shares were down 4.6% at $44 in extended trading.

Any buyer will have a 30-day lockup period, the source said.

The person added that the Japanese investment giant’s motive was unrelated to the performance of Didi Global and Alibaba, and SoftBank just thought it was a good time to cash out

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Beware! Unicorns have a habit of failing in public markets. Here’s why

2021-07-14 09:30:53

There has been excitement and euphoria among Indian equity investors over the IPO of new-age tech-driven company Zomato, which has already made it to the Club Elite of Indian Unicorns.

Unicorns tend to ‘specialise’ in the art of commanding billion dollar valuations, irrespective of their profitability, as deep-pocket investors from the private equity (PE) world willingly partake in the ‘well-narrated rosy story, with the promise of thumping success in the future,’ which discounts several years of

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Didi Global valued at $80 billion in mega US IPO as shares soar

2021-06-30 23:08:07

Bengaluru: China’s Didi Global Inc. shares soared nearly 19% in their New York Stock Exchange (NYSE) debut on Wednesday, valuing the ride-hailing giant at $80 billion in the biggest US listing by a Chinese company since 2014.

SoftBank-backed Didi’s stock opened at $16.65, compared with the initial public offering (IPO) price of $14 per share. It had priced an upsized offering of 316.8 million American Depositary Shares at the upper end of its $13 to $14 range, raising

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China probes Didi Chuxing for antitrust violations ahead of US IPO

2021-06-17 13:43:21

Hong Kong: China‘s markets regulator has begun an antitrust probe into Didi Chuxing, three people with knowledge of the matter said, just as the ride-hailing giant is pushing ahead with what could be the largest initial public offering (IPO) in the United States this year.

The investigation is in the initial stages, two of the three people said, adding that the regulator is yet to give the company detailed instructions. This is the latest in a

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Uber’s Bengaluru team leads tech for third-party cab booking in UK

Uber’s Bengaluru team leads tech for third-party cab booking in UK

2021-06-17 13:29:35

Bengaluru: Uber Technologies Inc.’s Bengaluru-based mobility engineering team is building the technology for a complex integration with a third-party cab aggregator in the United Kingdom.

‘Local Cab, currently being piloted in Plymouth and Oxford in the UK, allows residents to book third-party cabs offered by aggregator Autocab through the Uber app,” the US-based ride-hailing firm said Thursday.

The mobility engineering team led the integration, which included breaking Uber’s tech stack and building a new service, allowing Uber riders

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US fintech startup Marqeta reveals revenue doubling in IPO filing

2021-05-15 12:45:16

Bengaluru: Marqeta Inc. has revealed a doubling of revenue in 2020 in an initial public offering (IPO) filing with US securities regulators made public on Friday.

The fintech startup, which helps companies issue credit and debit cards to their staff, has profited as the pandemic fueled a boom in online shopping and food delivery payments from homebound customers. Its platform offers a feature called “Just-In-Time Funding”, which circumvents the need to maintain sufficient balances for each cardholder transaction.

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