Uber Debuts On The New York Stock Exchange

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The Uber executive director, Dara Khosrowshahi, upon his arrival at the New York Stock Exchange, on May 10, 2019

The Uber logo was wearing on Friday the facade of the New York Stock Exchange, hours before the opening of the vehicle booking platform with a driver, expected as one of the great events of the year on Wall Street.

Employees of the group entered the stock exchange to attend the first stock quote on the New York Stock Exchange (NYSE).

The first exchanges with that title are expected between 3:00 p.m. and 4:00 p.m. GMT.

On Thursday night, Uber set at 45 dollars per share the entry price of its title, which values ​​the company at about 82,200 million dollars if the shares reserved for the banks that conduct the transaction are added.

The transaction also allows the US group, which will be listed on the New York Stock Exchange under the UBER symbol, to raise $ 8.1 billion in fresh money.

The Uber executive director, Dara Khosrowshahi, upon his arrival at the New York Stock Exchange, on May 10, 2019

The company is, according to the consultancy Dealogic, on the same line as Facebook when it went public in May 2012 in terms of market valuation. The social network then made the biggest introduction in the stock market in terms of capitalization for a US company and the sixth worldwide.

The caution of Uber is due to the problems of rival Lyft, whose market capitalization has sunk in less than two months since its first listing.

Financial circles doubt the profitability of these platforms that record large losses and multiply promotions to attract and retain customers.

“I’m very excited,” Dara Khosrowshahi, Uber’s executive director, dressed in dark suit and white shirt, told AFP on his arrival on Wall Street.

In an interview for the financial channel CNBC, he explained on Friday that the price of 45 dollars for the action reflected “an uncertain environment” and anticipated a possible fall of the title.

“We have considered that this price reflected the economic environment and that economic environment is currently uncertain,” he said. “We want investors to bet on the long term,” he added.