Uber's IPO values the ride-hailing service at $82.4 billion

Uber's IPO values the ride-hailing service at $82.4 billion

On May 9, the company priced its IPO at $45.00 per share-near the lower level of its expected price range of $44.00-$50.00 per share.

Based on the amount of stock outstanding after the offering, the IPO price gives San Francisco-based Uber a market value of nearly $74 billion, below its last private market value of $76 billion.

The year's biggest IPO comes against a backdrop of turbulent financial markets, fueled by the trade dispute between the United States and China, as well as the plunging share price of Lyft, which is down 23 percent from its IPO price in late March. Uber had at one stage considered raising significantly more at a valuation of up to $120bn, but trimmed its target following a weak debut for its biggest rival, Lyft, last month.

A banner announcing the IPO of Uber Technologies Inc. hangs outside the New York Stock Exchange (NYSE) in New York, U.S., May 10, 2019. "If you buy, you are buying a bull market, not a company", he added. Facebook's stock now trades just below $200.

"Uber is basically Lyft 2.0". He said that if you saw value in Uber at its IPO price of $45 USA, nothing has changed in the last 48 hours.

Since its foundation in 2009, the company has lost about $9bn.

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That sobering reality is one reason that Uber fell short of reaching the $120 billion market value that many observers believed its IPO might attain. Chinese e-commerce giant Alibaba went public in 2014 with a valuation of $168 billion.

It is an underwhelming result for the most anticipated IPO since Facebook Inc's market debut seven years ago.

The self-inflicted wounds included complaints about rampant internal sexual harassment, accusations that it stole self-driving vehicle technology, and a coverup of a computer break-in that stole personal information about its passengers.

Boss Dara Khosrowshahi was among those who rang the opening bell of the New York Stock Exchange to begin trading.

To be fair stock markets had a rocky week thanks to an escalating trade war between China and America. As of Friday's closing price, his stake in Uber will be worth $4.9 billion. "It's an important thing to consider if you're an investor and you saw value in the company and its disruptive potential, nothing has really changed in the past 48 hours".

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