Uber to give its market value a lift in stock market debut

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FILE – This March 20, 2018, file photo shows the Uber app on an iPad in Baltimore. Uber is about to embark on a wild ride on Wall Street with the biggest and most hotly debated IPO in years. Uber’s shares begin trading on the New York Stock Exchange, Friday, May 10, 2019. (AP Photo/Patrick […]

SAN FRANCISCO (AP) – Uber’s next stop is the stock market, where it hopes to pick up more investors willing to bet on a ride-hailing market brimming with potential and conspicuously lacking in profits.
    
The world’s largest ride-hailing service reached a major milestone Thursday when Uber priced its long-awaited initial public offering at $45 price per share to set the stage for its stock to begin trading Friday.
    
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 the escalating doubts about the ability of ride-hailing services to make money since Uber’s main rival, Lyft, went public six weeks ago.
    
Even so, Uber now has a market value of $82 billion – five times more than Lyft.

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