Not a bad start, though not quite the bombastic beginning everyone expected.
Uber finally released its IPO at the New York Stock Exchange under the ticker ‘UBER’ just last week, opening at a price of $45 per share, which results to an initial market cap of about $75.5 billion.
Although the number is pretty decent, this is actually far less than what experts had anticipated for the innovative ride-sharing company. It was expected to reach $120 billion back when the IPO process first began, but some current events could’ve affected the stock price from rising as much as the forecasts said it would.
Just a day before the IPO was announced, Uber drivers in San Francisco held a strike outside the company’s headquarters to protest their rights as drivers. Before that, Uber also had some quibbles with Lyft, another ride-hailing app that had already unveiled its IPO in NASDAQ in March. As of this moment, the Lyft stock has already gone down by 20%.
Meanwhile, Uber is doing pretty good, despite not having met expectations. At the moment, Uber has already managed to raise $8.1 billion from the stock as well as $500 million to PayPal, according to reports.