Uber suffers setback after IPO and here’s how and everything you need to know. Uber Technologies has opened below its offering price on this Friday, as it debuted on the New York Stock Exchange, an unusual setback for a highly anticipated IPO.
The ride-hailing company’s stock has open at a share of $42, below the offering price of $45. The weak opening valued the company at a sum of $77 billion. The company priced its IPO at the lower end of the anticipated $44 – $50 range.
The broader market fell sharply on fears about a trade war that exists between the United States and the Chinese. The president of the United States, Donald Trump, has imposed tariffs on Chinese goods that are valued at about $200 billion and additional levies are also to be imposed.
The weak performance of Uber follows last month’s poor performance of competitor Lyft, which fell below its offer price on the second day of trading.
Uber’s 180 million share IPO is the largest deal since Alibaba Group Holding went public in 2014.
In summary, the ride-hailing company, Uber suffers setback after IPO and here’s everything you need to know since the company has opened below its offering price on this Friday.