The expected Uber original public offer managed to break a record but not one that investors had hoped for.
The stock ended 6.7 percent on the opening day at US $ 41.70 (NZ $ 63.31), down from US $ 45 a share the company praised on Thursday night ahead of the listing that had valued the company at $ 75.5 billion.
Overall, the rebate on the IPO price meant that investors who came in at that price saw a cumulative loss of US $ 655 million. By the end of the day on Friday, Uber had a market value of $ 69.7b, well below the $ 1[ads1]20b valuation rate bank proposed in 2018.
That made it the biggest first day loss of a US IPO, Jay Ritter, University Professor of Florida Warrington College of Business, told Business Insider. Ritter's figures represented IPOs from 1975.
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Percentage other IPOs have suffered far worse opening day poles. Ritter said in percent, uber's first day ranks as the 99th worst open for IPOs raising more than US $ 100m.
It's the combination of drop and size of IPO in the first place that makes it the biggest first-day dollar loss.
Before Friday, the biggest first-day loss of an American IPO in 2000 was when Genuity, an internet company spun out of Verizon, was announced. On his first day, Wall Street Journal reporter Rolfe Winkler noted, Genuity had lost US $ 233m.