Uber valued at $82bn in IPO as market jitters and Lyft woes take a toll
Uber's IPO came against a backdrop of turbulent financial markets fuelled by the trade dispute between the US and China
New York — Uber Technologies priced its initial public offering on Thursday at the low end of its targeted range to value the company at $82.4bn, hoping the conservative approach would let it avoid the market chaos suffered by rival Lyft. Uber, the most high-profile US listing since Facebook seven years ago, raised $8.1bn, pricing its IPO at $45 per share, compared with an expected range of $44-$50 per share. Uber's IPO came against a backdrop of turbulent financial markets, fuelled by the trade dispute between the US and China, as well as the plunging share price of Lyft, which is down 23% from its IPO price in late March. Uber's valuation is almost a third less than the valuation of up to $120bn that its investment bankers predicted in 2018. The IPO was oversubscribed, but Uber settled for a lower price to avoid a repeat of Lyft's IPO in late March, which priced strongly then plunged in trade. Uber also wanted to accommodate big mutual funds, which unlike hedge funds put in or...
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