Uber Valued at $82 Billion in IPO as Market Jitters, Lyft Woes Weigh

Uber Valued at $82 Billion in IPO as Market Jitters, Lyft Woes Weigh

Uber Technologies priced its initial public offering on Thursday at the low end of its targeted range for a valuation of $82.4 billion (roughly Rs. 5,76,000 crores), hoping its conservative approach will spare it the trading plunge suffered by rival Lyft.



It is an underwhelming result for the most anticipated IPO since Facebook's market debut seven years ago. Uber raised $8.1 billion (roughly Rs. 56,700 crores), pricing its IPO at $45 (roughly Rs. 3,150) per share, close to the bottom of the targeted $44-$50 range.




However, the IPO still represents a watershed moment for Uber, which has grown into the world's largest ride-hailing company since its start 10 years ago.



The year's biggest IPO comes against a backdr
op of turbulent financial markets, fuelled by the trade dispute between the United States and China, as well as the plunging share price of Lyft, which is down 23 percent from its IPO price in late March.



Uber's valuation in the IPO is almost a third less than its investment bankers predicted last year but still above its most recent valuation of $76 billion in the private fundraising market.