Uber hopes to avoid Lyft IPO debacle as it starts trading in New York GlobeTechnology
The IPO was oversubscribed, but Uber settled for a lower price to avoid a repeat of Lyft Inc’s IPO in late March, which priced strongly, began trading up, then plunged.Uber also wanted to accommodate big mutual funds, which unlike hedge funds put in orders for a lower price.
The IPO was also set against a backdrop of a spike in tensions between the United States and China, which renewed fears of a global economic slowdown and hampered global markets. Now a public company, Uber will have to deal with quarterly earnings reports and demands from shareholders to plot a path to profitability.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.
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