With a ring of the opening bell Uber is looking to pick up passengers as a newly public company. Investors waited to bet on a service with huge potential, but a long way from turning a profit.
Shares in the ride-hailing giant were sold in an initial public offering for $45 each, raising $8.1 billion, but it will take several hours for new investors to show whether they're interested. Officials expect trading to start around 11:30 a.m. Friday.
CEO Dara Khosrowshahi and other company officials stood on a balcony above the New York Stock Exchange as the bell rang to signal the start of the day's trading. Khosrowshahi posed for selfies and after the bell while controversial co-founder Travis Kalanick and other Uber officials and employees stood on the trading floor.
The IPO came in at the lower end of Uber's targeted price range of $44 to $50 per share. The caution may have been driven by escalating doubts about the ability of ride-hailing services to make money since Uber's main rival, Lyft, went public six weeks ago.
Even at the tamped-down price, Uber now has a market value of $82 billion — five times more than Lyft's.
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