Tuesday, 17 September, 2019


Uber opens below IPO price after biggest IPO of 2019

Former Uber boss Travis Kalanick
Credit
Reuters Former Uber boss Travis Kalanick Credit Reuters
Conrad Doyle | 11 May, 2019, 01:58

The IPO pricing was a balancing act for Uber's team of underwriting banks, led by Morgan Stanley, Goldman Sachs & Co and Bank of America Merrill Lynch, to negotiate a good price while leaving some upside to ensure the stock trades up on its market debut.

Shares of the ride-hailing giant opened at $42, under their IPO price of $45. The company is raising $8.1 billion in the biggest IPO since Facebook, which debuted in 2012 valued at $104 billion.

Khosrowshahi told The Associated Press on Friday it was a tough week to go public, but the company got it done.

Lyft priced its IPO aggressively on the top end of its expected range.

Like numerous IPO class of 2019, including Lyft and Pinterest Inc., Uber is unprofitable. Even at the low end of the price range, Uber's listing was the ninth-largest U.S. IPO of all time and the biggest on a U.S. exchange since Alibaba Group Holding Ltd.'s US$25 billion global record holder in 2014, according to data compiled by Bloomberg. On the first trading day, the company posted an all-time high of $88.60. "The last USA company of this size to IPO was Facebook, for example, and you may remember how that traded initially".

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

It assigns a valuation to Uber of $82.4 billion, significantly less than the valuation of up to $120 billion that its investment bankers predicted past year.

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. The opening bell was rung by Austin Geidt, one of Uber's first employees.

C'mon. Literally no one believes that Uber is actually worth $82bn, especially when it continues to lose billions of dollars every year, but everyone was hoping that everyone else would be stupid enough to imagine that everyone else was stupid enough to buy stock. "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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