Uber Drops in Trading Debut After Shares Open Below IPO Price
Uber Technologies Inc. fell in its trading debut after opening below its IPO price.
(Bloomberg) -- Uber Technologies Inc. fell in its trading debut after opening below its IPO price.
Shares opened at $42. Uber’s IPO priced Thursday night at $45 per share, near the bottom of a $44 to $50 offering range. The stock fell 8 percent to $41.44 at 11:57 a.m. in New York, valuing Uber at $71 billion.
This year’s largest IPO debuted Friday with global trade tensions pushing volatility to its highest levels since January. Lyft Inc., the No. 2 ride-sharing company that went public earlier this year, fell as much as 8.2% Friday in the run-up to Uber’s debut.
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To contact the reporter on this story: Drew Singer in New York at dsinger28@bloomberg.net
To contact the editors responsible for this story: Brad Olesen at bolesen3@bloomberg.net, Courtney Dentch
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