Altrice Investment Co. Limited – Uber in Demand at High End of IPO
Uber Technologies Inc. has enough investor demand to price its initial public offering at the top end of its price range, people familiar with the matter said.
Uber's share sale, which could raise as much as $9 billion, is likely to be the largest this year and one of the 10 biggest U.S. listings ever, according to data compiled by Bloomberg. The San Francisco-based company, which is due to price its shares Thursday, hasn't made a final decision on the price at which they'll be sold, the people said.
The market environment could also impact the final price, after U.S. equities tumbled the most since January on Tuesday.
The performance of rival Lyft Inc. is weighing on the mind of Uber executives as they market their IPO, the people said. That stock soared on its April debut after the original price range was boosted, but is now trading about 16 percent below its IPO price of $72 per share.
A representative for Uber declined to comment.
Uber Chief Executive Officer Dara Khosrowshahi and other executives have been meeting investors in cities including London, Boston and San Francisco over the past 10 days.
The world's biggest ride-hailing company is offering 180 million shares for $44 and $50. At the top of that range, the listing would value Uber at almost $84 billion, based on the number of shares outstanding after the offering as detailed in the filing.
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