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Uber (NYSE: UBER) Prices IPO at Midpoint of Target Range

  • The latest financial analysis reports suggest that the Uber initial public offering price was set at the midpoint of the target range, or approximately $86 billion
  • Regardless of the latest, more conservative valuations, the Uber IPO is anticipated to be the largest of 2019 and the third-largest for a tech company after Alibaba and Facebook
  • The Uber share prices were announced at the end of the May 9 trading day, and trading on the New York Stock Exchange commenced on May 10, 2019

Uber Technologies Inc. (NYSE: UBER) priced its initial public offering at a midpoint of its target range, as The Wall Street Journal reported on May 8 (http://nnw.fm/rJW3s). Uber recently finished pitching to investors across the U.S. ahead of its May 10 IPO. The company set a range of $44 to $50 per share, which contributed to a valuation in the $80-billion to $90-billion range.

With the Uber shares priced at the midpoint, or approximately $47, the company’s valuation totaled about $86 billion.

Earlier reports suggested a much higher valuation for the ride-hailing giant. In March, some sources quoted a valuation as high as $120 billion (http://nnw.fm/gC54f). The disappointing stock market performance of competitor Lyft Inc. (NASDAQ: LYFT), however, is one of the primary factors that contributed to a reduction in valuation as the IPO date drew nearer. Lyft shares have gone down 37 percent from when they first started trading in late March 2019.

Still, outlook on the Uber IPO remained positive. The company’s valuation, regardless of the recent changes, made the initial public offering one of the largest on record. The IPO is anticipated to be the largest of the year and the most significant for a tech company since the Alibaba Group Holding Limited (NYSE: BABA) IPO in 2014.

Uber Technologies priced its shares after Wall Street trading closed on Thursday, May 9.

Since the start of its pre-IPO roadshow, Uber has been putting emphasis on growth potential. Comparisons have been drawn between Uber and Amazon.com Inc. (NASDAQ: AMZN) to illustrate the prospects for the launch of diversified initiatives in the transportation field.

Two such initiatives are already proving their profitability – Uber Eats and Uber Freight. While ride-hailing is the primary business of the company for the time being, Uber plans to dominate numerous aspects of transportation service provision via one tech platform.

Scooters, autonomous driving and mass transit are just a few of the niche services being pitched to investors as part of the upcoming Uber expansion. In essence, the company will work toward becoming a one-stop shop for customers in need of various transportation solutions. A single platform is expected to give access to all of these opportunities.

Uber has long been in the investment spotlight. Since its inception, the San Francisco-based company has been eyed by an array of elite investment entities. First Round Capital and Benchmark were among the earliest investors. They were followed by Saudi Arabia’s Public Investment Fund, Axel Springer, Fidelity Investments, Jeff Bezos and even Shawn “Jay Z” Carter.

Uber commenced trading on the New York Stock Exchange on May 10 under ticker symbol ‘UBER’.

For more information, visit the company’s website at www.Uber.com

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