Uber headquarters, San Francisco

Justin Sullivan/Getty Images

Uber IPO Hits the Street

Shares Begin Trading Below Expected Price

KCBS Radio Morning News
May 10, 2019 - 8:52 am
Categories: 

SAN FRANCISCO (KCBS Radio) -- Uber became the latest of the Bay Area's so-called "unicorn" companies to take its shares to the public markets on Friday, with an initial public offering aimed at raising more than $8 billion for the ride-hailing giant. 

Uber priced its shares at $45 on Thursday, at the low end of the expected range. The first trade was a  further disappointment for Uber executives, with the stock opening at about $42 a share.

The offering came amid Wall Street nervousness about a trade tariff battle with China, and weeks after an IPO by rival Lyft. Lyft shares have been trading at below the IPO price in recent days.

CEO Dara Khosrowshahi was joined by other company officials at  the New York Stock Exchange as the bell rang to open trading Friday morning.  Conspicuously absent: founder and former CEO Travis Kalanick, who was ousted from his executive position but retains a seat on the Uber board of directors. Kalanick was at the stock exchange, but not among the bell-ringing group.

 

Tags: