Uber nets $8.1 billion via NYSE IPO


The much-awaited initial public offering of Uber, the global ride-hailing giant has raised about $8.1 billion for the company.

The listing on the New York Stock Exchange, NYSE, which valued Uber at $82.4 billion was priced at $45 per share.

Its IPO which closely followed the listing of Lyft Inc., on the Nasdaq its arch-rival, is a defining moment in the life of the company despite not being able to declare its first profit.

Last month, Uber said its gross revenue for the full year 2018 financials was $11.27 billion while its net income was $997 million. However, its adjusted EBITDA losses were $1.85 billion for the same period.

On the other hand, Lyft said it suffered a $1 billion in 2018 losses and revenues of $2.1 billion for the full year 2018.

The company priced its IPO between $62 to $68 per share with the plan to raise up to $2.1 billion. After surging by more than 10%, the stock price now trades bu close to 20% below its IPO price.