Uber recorded the worst first day dollar loss of any US IPO after shares fell 6.7%, representing a loss of $655m, with the ride-hailing company valued at $69.7bn compared to the expected $120bn. Previous IPOs had fallen further in percentage terms, but the size of the Uber IPO had created the record dollar loss. Rising trade tensions between the US and China had created a turbulent week for the market and analysts said that could have affected Uber’s performance.
Uber recorded the worst first day dollar loss of any US IPO after shares fell almost 7%, representing a loss of $655m, with the ride-hailing company valued at $69.7bn compared to the expected $120bn. Previous IPOs had fallen further in percentage terms, but the size of the Uber IPO had created the record dollar loss. Rising trade tensions between the US and China had created a turbulent week for the market and analysts said that could have affected Uber’s performance.