Uber failed to hail a high performing IPO.
Most famous for providing ride-hailing services, Uber made its way to the industry in 2009 as “UberCab”, and has a large base of drivers from all around the world that are employed under it. During the long run up to this year, Uber went through gains and losses.
Uber went public in May, 2019 on the New York Stock Exchange under the ticker “UBER”, after pricing its Initial Public Offering $45 per share – listing it under the 9 biggest U.S IPOs of All Time.
As a company of mammoth scale in the ride-hailing field, many expected Uber to make noise (in a good way) after it announced its IPO price. However, shockingly, the results were unfavourable for Uber when they marked their stock market debut at $42 a share which was decreased up to $41 per share when it was closed.
This doesn’t necessarily mean that the negative performance would make a permanent impact on the company. In fact, the current CEO of Uber, Dara KhosrowshahIi, is confident about the future of the company.
On a conference call with the analysts, Dara Khosrowshahi said: “While I’m proud of what we achieved with our IPO, I’ve told our team that it’s ultimately just one moment in a much longer journey,”.
On a side note, Uber stated that they would introduce the flying taxi service “Uber Air” to Melbourne – which is the first foreign pilot city outside of the US.