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Uber makes disappointing stock market debut

Uber makes disappointing stock market debut

Technology
By Connor Sephton, news reporter & James Sillars, business reporter Uber began trading as a public company at $ 42 (£35) per share on Friday, nearly 7% below its initial public offering price.The US ride-hailing firm had priced its IPO cautiously at $ 45 (£34.50) a share, giving it a market value of $ 82.4bn (£63.1bn) ahead of its debut on the New York Stock Exchange. The IPO price was already almost a third less than what investment bankers had predicted last year, with Uber settling for a lower valuation amid a series of investor concerns including profitability and the lukewarm reception for rival Lyft's market debut.Lyft went public six weeks ago - but its share price has tumbled by more than 20% from its IPO price set in late March.
Uber float values company at $82bn

Uber float values company at $82bn

Business
Uber has set a price for floating its shares on the New York Stock Exchange, in what is expected to be one of the biggest stock market flotations of the year. The ride-hailing taxi app firm has priced its shares at $ 45 (£35). The deal values Uber at $ 82bn (£63bn).The price is near the bottom of the expected $ 44-$ 50 range - a sign that investors are cautious about the firm.Uber hopes to sell 180 million shares when trading starts on Friday.This is the highest profile US flotation since Facebook seven years ago, analysts say.Rival Lyft's flotation was priced at $ 72 per share when it listed on the New York Stock Exchange in April, but its share price has fallen by as much as a third since then.Uber is keen to avoid a similar fate, but the firm has so fa
Is Uber really worth $100bn?

Is Uber really worth $100bn?

Business
Everything about Uber is big.The taxi app and delivery business is America's biggest venture capital-backed company.It is forecast to raise $ 10bn ($ 7.6bn) when it sells its shares on the New York Stock Exchange - one of the largest amounts on record.And the 10-year-old company could be valued at as much as $ 100bn when it floats.However, the other big thing about Uber is its losses which, although down on the previous year, hit $ 3bn in 2018.And that raises the biggest point of all - when will Uber make a profit and perhaps justify that massive market valuation?It is the question that Uber's chief executive, Dara Khosrowshahi, will face over the next few weeks as he embarks on a roadshow to visit potential investors ahead of the flotation, which is expe...
Uber reveals massive losses ahead of market debut

Uber reveals massive losses ahead of market debut

Business
Uber has lost nearly $ 8bn (£6.1bn) during its 10 years of existence, according to documents released ahead of its debut on the stock market.The ride-hailing firm also disclosed that government authorities and regulators in the US are investigating a year-long cover-up after the details of millions of passengers and drivers were stolen in 2016. Uber chief executive Dara Khosrowshahi said: "Some of the attributes that made Uber a wildly successful startup - a fierce sense of entrepreneurialism, our willingness to take risks that others might not, and that famous Uber hustle - led to missteps along the way."Mr Khosrowshahi, who took over the company 18 months ago, has vowed to run it with integrity.The bankers handling Uber's IPO (initial public offering) are expected to reveal a pricing ran
Uber rival Lyft valued at $24.3bn as shares make debut

Uber rival Lyft valued at $24.3bn as shares make debut

Technology
Shares in Uber's largest rival, Lyft, are due to begin trading in New York in a flotation that has valued the firm at $ 24.3bn (£18.6bn).Analysts said the initial public offering (IPO) - the largest market debut since Alibaba in 2014 and a first for a ride-hailing firm - sparked a FOMO (fear of missing out) rush of interest. They explained its growth potential was seen as outweighing the fact it remains heavily loss-making.Lyft priced 32.5 million shares at the top of its $ 70-$ 72 per share target range.They will trade on the tech-dominated Nasdaq. Advertisement Image: Lyft claims to have 40 percent of the US ride-hailing market The number of shares