Uber's IPO values the ride-hailing service at $82.4 billion

Uber protest

That sobering reality is one reason that Uber fell well short of reaching the $120 billion market value that many observers believed its IPO might attain earlier this year.

Uber Technologies Inc's shares fell almost 9% in their New York Stock Exchange debut on Friday, marking a rocky start for one of the most high-profile US companies to go public since Facebook Inc seven years ago. Lyft's shares closed Thursday 23% below its IPO price of $72 in April.

Lyft's IPO has been lackluster in its opening weeks, with shares trading at around $52 Friday, down from an opening day high of $78, down a whopping 33%.

Uber is going public with its IPO today, meaning that for the first time the public can invest in the ride-sharing app. Uber also notes that it has already given $20 million to its drivers to settle a similar lawsuit and expects the amount of settlement money it will shell out this year "will fall within an approximate range of $146 million to $170 million". Retail investors at TD Ameritrade executed more trades in the first ten minutes of Uber's debut than in Lyft's first 2-1/2 hours.

Uber's shares ended the day down 7.6% at $41.57, even as the S&P 500 reversed losses to end in positive territory. "I think that it really tainted Uber's IPO".

Both Kalanick and Uber's other co-founder Garrett Camp were present at the stock exchange Friday but absent from the podium during the bell ringing.

After much hype leading up to the largest initial public offering in five years, Uber hit a few potholes on its first day of trading, closing down 8% and reflecting lingering doubts about its future prospects for profitability.

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Despite his company's rocky stock market debut, Uber CEO Dara Khosrowshahi says he's thrilled to complete his company's IPO and did not consider postponing the date.

Uber, the most high-profile U.S. listing since Facebook seven years ago, raised US$8.1 billion, pricing its IPO at US$45 per share, compared with an expected range of US$44-50 per share.

Uber offered 180 million shares of common stock with an option for underwriters to purchase an additional 27 million shares in the next 30 days.

Khosrowshahi was accompanied by a team of Uber officials at the NYSE to celebrate.

The company weathered controversies including the unearthing of a culture of sexism and bullying at Uber and a US Department of Justice investigation, which culminated in the resignation of Kalanick. Uber's revenue a year ago surged 42% to $11.3 billion while its cars completed 5.2 billion trips around the world either giving rides to 91 million passengers or delivering food.

"Uber is considered the leader and the one in the strongest market position".

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