Tuesday, 20 August, 2019

Uber Is Going Public & You Can Invest for $45 per Share

IMAGE DISTRIBUTED FOR UCLA ANDERSON- Ursula Burns chairman and CEO Xerox Corporation recipient of the 2015 John Wooden Global Leadership Award speaks at the Eighth Annual John Wooden Global Leadership Award Dinner at the Beverly Wilshire hotel on Tue Uber valued at US$82b in IPO as market jitters, Lyft woes weigh
Russell Knight | 11 May, 2019, 06:29

By Joshua FranklinNEW YORK:Uber Technologies Inc priced its initial public offering on Thursday at the low end of its targeted range to raise $8.1 billion, adopting a risk-averse stance toward the most high-profile USA listing since Facebook Inc seven years ago. Some, like Uber and Lyft, are unprofitable.

The fall in shares undermined Uber's strategy of pricing its oversubscribed IPO conservatively at $45 a share to avoid a repeat of rival Lyft Inc's stock market struggles following a strong debut in March.

The IPO raised another $8.1 billion for Uber as it tries to fend off rival Lyft in the USA and help cover the cost of giving rides to passengers at unprofitable prices. Lyft was down four percent, well below its IPO price.

"If a venture capital investor wants to burn cash they can do that as long as they want, but once you get to the public markets you have to show profitability or a path to it", said Jordan Stuart, a portfolio manager at Federated Kaufmann who often purchases companies' shares during an IPO.

Still, it's a considerable climb down from earlier projections: a year ago, bankers jockeying to lead the offering told Uber it could be valued at as much as $120 billion in an IPO.

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This morning, Uber capped off its extremely exciting week by embarking upon its first day as a publicly traded company. All major USA markets are in decline, having fallen three per cent or more this week. But even if the stock market had been doing great today and Lyft's IPO hadn't been a low-level disaster, Uber would still kind of suck.

While early-stage Uber investors such as Benchmark, Menlo Ventures, First Round Capital and Lowercase Capital made a killing in the IPO, some late-stage backers did not fare as well. Khosrowshahi reportedly declined to invite Kalanick to take part at the opening bell.

Japan's SoftBank Group Corp 9984.T , for example, invested in Uber in early 2018 at $48.77 per share. Robert Johnson, professor of finance at Heider College of Business, Creighton University in Omaha, Nebraska said.

Uber might be even more popular if not for a series of revelations about unsavourybehaviour that sullied its image and resulted in the ouster of Travis Kalanick as CEO almost two years ago.

C'mon. Literally no one believes that Uber is actually worth $82bn, especially when it continues to lose billions of dollars every year, but everyone was hoping that everyone else would be stupid enough to imagine that everyone else was stupid enough to buy stock. Uber, he said, has plans to be more than a ride-hailing company by being all things transportation to users of its app, offering deliveries, scooters, bicycles and links to other modes of transportation including public mass transit systems.

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