Uber prices blockbuster IPO conservatively to raise $8.1B

Uber’s IPO came against a backdrop of turbulent financial markets, fueled by the trade dispute between the United States and China, as well as the plunging share price of Lyft Inc, which is down 23 percent from its IPO price in late March. The IPO was oversubscribed, but Uber settled for a lower price to avoid a repeat of Lyft’s IPO in late March, which priced strongly then plunged in trade. Lyft’s stock slumped nearly 11 percent on Wednesday to a record closing low of $52.91, well below the $72 per share IPO price, after the ride-hailing company reported a $1.1 billion quarterly loss.

Source: www.reuters.com