Uber goes public, opens below IPO price at 42 USD

0 Comment(s)Print E-mail Xinhua, May 11, 2019
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SAN FRANCISCO, May 10 (Xinhua) -- U.S. ride hailing giant Uber Technologies Inc. went public on Friday, but its stock opened at 42 U.S. dollars a share on the New York Stock Exchange, well below its anticipated target of 45 dollars for initial public offering (IPO).

At 42 dollars a share, Uber is valued at 76.9 billion dollars for its trading debut, which was deemed as a setback compared with a proposed goal of 120 billion dollars Wall Street thought the company would fetch in October last year.

The lower-than-expected trading came as stock markets slid Friday at a volatile time when investors remained a wait-and-see attitude towards updates regarding global trade.

The San Francisco-based company, which is trading under the symbol "UBER," Thursday set its IPO price at 45 dollars per share, which was at the lower end of its stated range of 44 dollars and 50 dollars.

Uber said it expected to sell 180 million shares of its common stock, which would enable it to raise 8.1 billion dollars from the market.

Uber filed for its IPO with the U.S. Securities and Exchange Commission last month with reported revenues of 11.27 billion dollars and a net income of 997 million dollars in 2018.

Morgan Stanley, Goldman Sachs & Co. LLC, and BofA Merrill Lynch will be the lead book-running managers for the offering, said Uber.

Other major investors include Barclays, Citigroup, and Allen & Company LLC, it added. Enditem

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