Wed. Jun 3rd, 2020

Uber debuts on Wall Street, opens below $ 45 IPO

1 min read

Shares of Uber Technologies Inc. made a disappointing debut on the market Friday, marking a stormy start to the most anticipated IPO of the year. The fall in stocks undermined Uber’s strategy to conservatively priced over-subscribed IPO at $ 45 a share to avoid a repeat of the stock markets of rival Lyft Inc. after a strong debut in March. The company’s shares started at $ 42 and dropped 9% to a low of $ 41.06 at the beginning of the trading before recovering most of their losses on transactions lower by 2.5% to $ 43.92

The company’s road to the IPO has been hit by a number of obstacles, including increased regulation in several countries, and struggling with drivers over wages. The IPO was a landmark moment for the decade old company, which began after its founders struggled to find a taxi on a snowy night and became the largest company to reach the top of the world, making more than 10 billion journeys. Uber has stated that it has the ability to develop the activity not only in the cabin but also as “SuperApp” to provide a wide range of logistics services such as food and food supply, organization and freight transport and financial services such as his Grab, Southeast Asian counterpart.

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