Uber goes into reverse as first day stock price disappoints

Uber put a price of $45 on its shares valuing the company at $80bn (£61.4bn) – well below the $100bn it had once hoped to achieve – amid jitters among investors at the lacklustre performance of shares in rival Lyft since its recent float. Despite its limp start to life as a public company, the $8.1bn that Uber raised means its stock market debut was still one of the largest in US history and the most closely-watched in the tech world since Facebook hit the market in 2012. Despite Uber’s slow start, analysts at the Los Angeles based investment firm Wedbush said they expected its share price to rise in the longer term to $65, which would value the company at $118bn.

Source: www.theguardian.com