The company is hoping to avoid the tumultuous first weeks of trading in rival Lyft Inc., whose shares fell below its $72 IPO price within days of listing and closed 23 percent below that price Thursday.
Uber's assent to become the world's biggest ride-hailing company has come with a string of scandals which at times threatened the success of an eventual IPO.
Nelson Chai, the company's chief financial officer who was at the NYSE to mark the first day of the stock's trading, said in a CNBC interview that he was not focused on one day of trading and was more concerned about the company's long-term outlook. Over the past five years, just 10% of such companies finished their first day of trading below their IPO price, said Matt Kennedy, senior IPO market strategist at Renaissance Capital, a manager of IPO focused funds.
Uber has prioritized selecting shareholders - particularly institutional investors - that it thinks will hold on to the stock for a long time, according to a person familiar with the matter.
A market value of less than US$70 billion is a considerable climb down from earlier projections: a year ago, bankers jockeying to lead the offering told Uber it could be valued at as much as US$120 billion in an IPO.
The IPO pricing is a balancing act for Uber's team of underwriting banks, led by Morgan Stanley, Goldman Sachs and Bank of America Merrill Lynch, to negotiate a good price while leaving some upside to ensure the stock trades up on its market debut.
Kevin Durant out for rest of series vs. Rockets with strained calf
Kerr confirmed that Durant would undergo the MRI on Thursday. "We'll have to reconfigure the rotation". The Warriors lead the series 3-2. "People say, 'They won one, ' Well they did, and they was terrific".
ESPN pundit: Manchester United can sign Matthijs de Ligt on one condition
Ajax fans celebrate wildly in the stands after Matthijs de Ligt's early goal put them 2-0 ahead on aggregate. The Spanish champions have lodged a bid of £70m, and De Ligt is understood to be keen on the move.
Harry Styles Wears One Pearl Earring At Met Gala 2019
Maxwell undressed her further, revealing a black strapless asymmetrical ballgown underneath with a huge side bustle. Asked how she feels working the room, Lizzo replied, "I feel very sexy, glamorous, expensive and lovely ".
The jitters about an intensifying USA trade war with China also have roiled the stock market this week. As well as the original ride-hailing business, Uber is developing driverless cars and has a food delivery operation, Uber Eats.
Uber is due to begin trading on the New York Stock Exchange on Friday under the symbol "UBER", the most anticipated USA debut since Facebook seven years ago. But even if the stock market had been doing great today and Lyft's IPO hadn't been a low-level disaster, Uber would still kind of suck. As of Friday's closing price, his stake in Uber will be worth $4.9 billion. Uber eventually hired Dara Khosrowshahi as CEO.
Uber is one of those companies that's down to lose a buttload of money in pursuit of a monopoly over its industry.
Arun Sundararajan, a professor at New York University's business school, said that while going public will give Uber money to capture more of the transportation market, it could also push it to put quarterly targets ahead of its broader ambitions. And of course earlier investors are still going to make small fortunes.
Khosrowshahi told The Associated Press on Friday it was a tough week to go public, but the company got it done.