The ride-lord made it to the IPO at NYSE at a disappointing start. The valuation started at a low of $42 apiece stock. This was only to close at an even lower $41.57 apiece, or down to 7.6% from its IPO price. Yet, looking at the bigger picture, the company now has $8.1 billion on its balance sheet.
Uber finally made its debut with an indication price as low as $42 apiece of stock. Although, the market is in a sink with all the trading friction with China. Thus, to make it into the list was also an achievement, to say the least.
The company previously close its lower cap at $45 apiece stock. Thus, to investors, this came as an unsettling stock.
As a private company, it raised $28.5billion with the valuation at $75 billion. By selling 180 million stocks at $45/share, the company valuation settled at $82.4 billion for the IPO.
Still, the present IPO was successful enough for the company as it gained $8.1 billion on its balance sheet. This will come in handy to invest in progress and turn the business into profit worldwide.
With this status, all investors who expected the company to pass $100 billion at IPO are surely upset.
Related Article: Uber might miss out on $100 billion valuation; sets terms for IPO
Uber expanding in all dimensions
The company started as an app to connect the local drivers to passengers for making the local commute easier. Now, switching from the cabs, it has also introduced riding from bikes. The change is so huge that it has also introduced helicopters for a ride, just a tap away. The company also started with food delivery services.
It now has 93 million active consumers across various platforms.
The stock can vary with no assumptions. Rival company, Lyft, also took a hit at its recent IPO. Yet, it closed its IPO at $51/share.