The much-anticipated Uber initial public offering managed to break a record, but not one that investors would’ve hoped for. The stock closed…
The much-anticipated Uber initial public offering managed to break a record, but not one that investors would’ve hoped for.
The stock closed down 6.7% on its opening day to $41.70, down from the $45 a share the company priced at on Thursday night ahead of the IPO that had valued the company at $75.5 billion.
In total, the discount off the IPO price meant that investors who got in at that price saw a cumulative loss of $655 million. By the end of day Friday, Uber had a market cap of $69.7 billion, far below the $120 billion valuation figure bankers had suggested in 2018.
