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The worlds largest ride-sharing company has set its IPO price and it is at the lower end of its projections.
According to Business Wire, the company announced the pricing of its initial public offering of 180,000,000 shares of its common stock at a price to the public of $45.00 per share.
Uber raised $8.1 billion as a result of the deal.
This share price would value the company at roughly $82.4 billion, making it one of the largest IPOs in history, as well as the largest listed since Alibaba in 2014.
While $82 billion represents a gargantuan amount of money, it is interestingly far lower than the $120 billion early reports suggested the company was seeking.
This intense drop is associated by most to the lacklustre IPO put forward by Uber’s competitor Lyft just weeks earlier.
Uber’s ride-hailing services currently exist in 63 countries and more than 700 cities. Its revenue streams have diversified into bike and scooter rentals, food delivery and freight.
The company is also developing air taxis and driverless car technology, which it expects to be a significant portion of its business in the near future.