Mexican Media Brands
Uber IPO Launches at $45 Per Share
Uber Technologies Inc. began trading shares today in an initial public offering that prices shares in the ride-hailing service at a relatively low $45.
#economics
Share
Uber Technologies Inc. began trading shares today in an initial public offering that prices shares in the ride-hailing service at a relatively low $45.
The price gives the company a market value of $82.4 billion. That’s less than the $91.5 billion cap set in April and sharply lower than the $120 billion price underwriters had predicted earlier this year.
Analysts say Uber decided on a lower share price in hopes of avoiding a post-IPO slump like the one experienced by rival Lyft Inc. The Lyft IPO launched at $72 per share, but the price hit an all-time low of $52.91 earlier this week.
Uber hopes to raise at least $9 billion through the sale of 180 million shares, plus a possible $1.4 billion more through 27 million shares sold by existing investors.
RELATED CONTENT
-
Enterprise Edges into Self-Driving Car Market
U.S. rental car giant Enterprise Holdings Inc. is the latest company to venture into the world of self-driving vehicles.
-
Ford’s $42 Billion Cash Cow
F-Series pickups generate about 30% of the carmaker’s revenue. The tally is about twice as much as what McDonald’s pulls in.
-
Mazda, CARB and PSA North America: Car Talk
The Center for Automotive Research (CAR) Management Briefing Seminars, an annual event, was held last week in Traverse City, Michigan.
