ride-sharing service: The lack of positive excitement for the biggest listing of a US technology company since Facebook in 2012 suggests investors are becoming choosier, according to Global Times China. Even the IPO price set on Thursday was a disappointment compared to some expectations. The ride-sharing service's shares opened below the initial public offering price - valuing the company at around 70 billion, based on outstanding shares, soon after they started trading on Friday. At 45 per share, it valued Uber at around 75 billion, or more than 82 billion counting dilution from outstanding options and such. The firm lost approximately 1 billion in the first quarter. Like many other recent tech IPOs - but unlike Facebook, which was profitable - Uber relies on investors' belief that it will one day grow enough to escape its current ocean of red ink.
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Tagged under ride-sharing service, investors belief topics.