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Uber to give its market value a lift in stock market debut

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Uber's next stop is the stock market, where it hopes to pick up more investors willing to bet on a ride-hailing market brimming with potential and conspicuously lacking in profits.

The world's largest ride-hailing service reached a major milestone Thursday when Uber priced its long-awaited initial public offering at $45 price per share to set the stage for its stock to begin trading Friday morning.

No matter how Uber's stock swings Friday, the IPO has to be considered a triumph for the company most closely associated with an industry that has changed the way millions of people get around. That while also transforming the way millions of more people earn a living in the gig economy. Another factor working against Uber is the cold shoulder investors have been giving Lyft's stock after an initial run-up. Lyft's shares closed Thursday 23% below its April IPO price of $72.

Despite all that, Uber's IPO is the biggest since Chinese e-commerce giant Alibaba Group debuted with a value of $167.6 billion in 2014. Uber might be even more popular if not for a series of revelations about unsavourybehaviour that sullied its image and resulted in the ouster of its co-founder, Travis Kalanick, as CEO nearly two years ago.

Kalanick remains on Uber's board, although he isn't expected to be on the podium to help ring the opening bell at the New York Stock Exchange to herald the company's debut Friday. Instead, he will be left standing on the sidelines while the spotlight shines on other Uber executives, although Kalanick can still savour his newfound wealth. At $45 per share, his stake in Uber will be worth $5.3 billion.

 

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