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Uber Lowers Valuation Ahead of IPO
Uber Technologies Inc. is expected to reveal details today about its initial public offering, including a valuation about 20% below earlier expectations.
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Uber Technologies Inc. is expected to reveal details today about its initial public offering, including a valuation about 20% below earlier expectations.
The ride-share services giant now estimates a potential price range of $48-$55 per share, which would give it a market value of roughly $100 billion, sources tell The Wall Street Journal. Underwriters had previously suggested a likely market valuation of $120 billion.
The Journal’s sources say Uber has turned more conservative about valuation to avoid the share price slump being experienced by rival Lyft Inc., which launched its own IPO two weeks ago. Lyft went public at $72 per share, but the price has since slid to about $60.
Uber is expected to launch its IPO early next month. The Journal notes that the company was last valued in private markets in 2018 at about $76 billion, or less than $49 per share.
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