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Uber skids below its IPO price in Wall Street debut

May 10 2019 19:03

Uber shares skidded in their hotly anticipated Wall Street debut, opening with a loss of some 6% in a volatile session for the broader equity market.

After pricing at $45 for the initial public offering - translating to a market value of $82bn - Uber fell to $42 at the open on the New York Stock Exchange.

The decline was a disappointing start for a much-anticipated offering that is one of the biggest IPOs ever.

The debut came as US-China trade tensions weighed on the stock market and follows a steady decline in value of Uber's rival Lyft since its debut in late March.

Chief executive Dara Khosrowshahi and an Uber team rang the opening bell on the New York Stock Exchange after the global ride-hailing giant raised some $8.1bn in its initial public offering (IPO) that was among the largest ever for a tech company.

uber  |  ipo  |  ict  |  companies
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