Uber Technologies trades below last private value in rocky post-IPO start

Uber Technologies fell in its trading debut, leaving the company’s market value below its last private funding round.

Shares of the ride-hailing giant opened at $42, under their IPO price of $45. They were down 2.7 per cent to $43.85 at 2.38 pm in New York on Friday (12.08 am IST on Saturday), giving the business a market valuation of $74 billion. Uber last raised money from Toyota Motor in August, at a valuation of about $76 billion.

The stock earlier dropped as much as 8.8 per cent to $41.06 as US equities extended losses, with the S&P 500 poised for its biggest weekly drop this year. Trade tensions between the US and China are weighing on investors’ minds after President Donald Trump boosted tariffs on $200 billion in goods from China. Uber sold 180 million shares for $45 each on Thursday, after marketing them for $44 to $50 apiece.