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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.
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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.
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