Uber became a publicly traded company today with its initial public offering of stock valued at $45 a share on the New York Stock Exchange, but quickly lost value as it started selling at $42 a share almost immediately.
Uber Falters Out the Gate Even With Low IPO Price
Uber launched its IPO today on the New York Stock Exchange at the very low end of the price range it was considering, $44 to $50 a share, with an initial price of $45, but it fell almost immediately to $42 a share.
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“The sound you hear of the stock dropping is the sound of the bubble bursting for high valuations in the private markets,” said Renaissance Capital’s Kathleen Smith, an ETF Manager with a focus on IPOs. “With a big money-losing company like this, it’s been very hard to have a lot of confidence in what it’s worth.”
This story is developing.
Source: Interesting Engineering