FT News Briefing
Uber’s drive for ‘super app’ status
Oct 21, 2024
Stephen Morris, FT San Francisco Bureau Chief, and Anu Adioye, FT West and Central Africa correspondent, dive into the ambitious plans of Uber to transform into a 'super app,' hinting at a major acquisition of Expedia. They explore the challenges Uber faces in broadening its service offerings beyond ride-hailing. Anu sheds light on the initiatives by African oil-producing nations to secure funding for fossil fuel projects amidst climate change debates. The conversation also touches on Boeing’s labor issues and the implications of investment strategies in Africa.
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Quick takeaways
- Hyundai Motor India's IPO faces challenges with only 50% subscription due to skepticism about its $19 billion valuation amidst a sluggish car industry.
- Uber aims to transition into a 'super app' by potentially acquiring Expedia, seeking to centralize various services like transportation and travel bookings.
Deep dives
Hyundai's IPO Struggles
Hyundai Motor India's IPO, valued at $3.3 billion, is facing sluggish demand as retail investors remain skeptical. Despite significant promotional efforts, including extensive advertising in financial newspapers, the offering was only 50% subscribed in early trading. This lackluster interest can be attributed to a downturn in India's car industry, which has led investors to question the company's lofty $19 billion valuation. The combination of strategic misalignment and market conditions has left many wondering if the timing for such an IPO was ill-fated.
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