Uber to give its market value a lift in stock market debut
SAN FRANCISCO (AP) — Uber’s next stop is the stock market, where it hopes to pick up more investors willing to bet on a ride-hailing market brimming with potential and conspicuously lacking in profits.
The world’s largest ride-hailing service reached a major milestone Thursday when Uber priced its long-awaited initial public offering at $45 price per share to set the stage for its stock to begin trading Friday.
The IPO came in at the lower end of Uber’s targeted price range of $44 to $50 per share. The caution may have been driven by the escalating doubts about the ability of ride-hailing services to make money since Uber’s main rival, Lyft, went public six weeks ago.
Even so, Uber now has a market value of $82 billion — five times more than Lyft.