Reuters
- Uber is set to price its initial public offering at the midpoint of its target range or below, according to a report from The Wall Street Journal.
- The pricing was influenced by the disappointing stock-market performance of competitor Lyft, according to the report, which cites people familiar with the matter.
- Visit Markets Insider’s homepage for more stories.
Uber is set to price its initial public offering at the midpoint of its target range or below, according to a Wednesday report from The Wall Street Journal that comes prior to the ride-hailing giant’s expected Thursday pricing and Friday stock-market debut.
If Uber’s stock were to price at the midpoint of its expected range, at $47 a share, its valuation on a fully diluted basis would be roughly $86 billion, according to The Wall Street Journal’s report, which cites people familiar with the matter.
Uber last month said it planned to sell 180 million shares in its public offering for between $44 and $50 a share, which would value the company at $80 billion to $90 billion. These expectations are well below initial valuation expectations floated in earlier press reports.
The pricing was influenced by the disappointing stock-market performance of competitor Lyft, according to The Wall Street Journal. Uber was seeking a valuation as high as $120 billion, sources told Reuters last month.
Uber has not responded to Business Insider’s request for comment.
Read the Wall Street Journal’s story here.
This story is developing. Check back for updates.
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Source: Business Insider – rungarino@businessinsider.com (Rebecca Ungarino)