Uber's stock falls 4.2% premarket, after closing Friday 7.6% below $45 IPO price
Uber’s IPO on Friday was the most hotly anticipated since Facebook’s IPO in 2012. You may be feeling smug if you decided that you were not up for the initial ride.
Uber’s shares were priced at $45. Consider this: Shares of Uber’s rideshare competitor Lyft LYFT, -7.41% are down almost 30% since the company went public in March. Uber plans to raise more than $8 billion, and that would make it the biggest U.S. IPO since Facebook FB, -0.16% which raised $16 billion in an IPO in 2012. The Chinese e-commerce conglomerate, Alibaba BABA, -0.58% had the biggest IPO ever in 2010, initially raising $21.
It’s unlikely to work out that way for everyone else. “If you think you’ll buy Uber and Lyft and hold it, get ready for an extremely bumpy ride,” he said. Likewise, Walters said the first year is typically tough for companies that are fresh to the financial markets.
Some argue that the biggest risk for Uber investors is the political clout of labor unions representing drivers. “Uber’s biggest obstacle has been politicians beholden to labor unions and industry incumbents,” according to an editorial in The Wall Street Journal published Thursday. “Taxi cartels have pushed local governments to restrain Uber. Members of San Francisco’s Board of Supervisors recently proposed a surcharge on ride-sharing trips.
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