Uber prices IPO at $45 a share

Uber prices IPO at $45 a share

Uber announced Thursday that its initial public offering (IPO) of 180 million shares of its common stock would be priced at $45 per share.

The ride-hailing service is expected to begin trading on the New York Stock Exchange (NYSE) on Friday under the symbol "UBER," the company said in a press release

The $45-per-share amount would give the company an implied market valuation of $82.4 billion and would be one of the largest-ever IPOs, CNBC noted.

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The ride-hailing company was reportedly expected to price its IPO between $44 and $50 per share, putting its actual listing price on the lower end of the spectrum.

Uber has never turned a profit, but reported $11.3 billion in revenue last year and $1.8 billion in adjusted losses, an improvement from 2017.

Uber drivers in Los Angeles; San Diego; Chicago; Philadelphia; Washington, D.C.; Atlanta and San Francisco announced earlier this week that they would strike Wednesday ahead of the company's IPO. 

"While the $100bn IPO will make millionaires of many Uber investors and executives, Uber has cut the pay of drivers often leaving them earning less than minimum wage after expenses,” the organization planning the strike said in a statement.