By Joshua FranklinNEW YORK:Uber Technologies Inc priced its initial public offering on Thursday at the low end of its targeted range to raise $8.1 billion, adopting a risk-averse stance toward the most high-profile USA listing since Facebook Inc seven years ago. Uber also wanted to accommodate big mutual funds, which unlike hedge funds put in orders for a lower price.
Uber's valuation is nearly a third less than the valuation of up to US$120 billion that its investment bankers predicted past year.
Investors say they're hesitant to buy Uber's stock out of the box because of what happened with Lyft, and want to see it settle before buying significant amounts of shares, said Dan Ives, managing director of equity research at Wedbush Securities.
The stock extended losses into the close even as USA equities stabilized on renewed optimism that an all-out trade war can be averted, even after the US decision to slap fresh tariffs on Chinese goods overnight.
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San Francisco-based Uber has had a miserable stock market debut. The float is likely to be the biggest public listing in the U.S. this year and one of the biggest of all time. The trading debut will be closely watched by the cavalcade of other tech startups that are expected to go public this year, including Slack Technologies Inc., Postmates Inc., Peloton Interactive Inc. and Airbnb Inc. At $45 per share, it valued Uber at around $75 billion, or more than $82 billion counting dilution from outstanding options and such. After submitting its confidential filing in December, Uber - along with Lyft and a host of other hopefuls - was left sitting on the sidelines while US stocks enjoyed the best start to a year in at least a decade.
On the roadshow, Uber touted its plans to expand in logistics and other transportation businesses, including scooters, autonomous driving and mass transit, a person familiar with the matter has said.
"It's a great moment for the company and all the employees who have been working so hard to get here", Khosrowshahi said in an interview with The Associated Press.
Like numerous IPO class of 2019, Uber is deeply unprofitable. Morgan Stanley, Goldman Sachs Group Inc. and Bank of America Corp. led the listing.