COMMERCE - Uber IPO values at $45 per share

Private hire to logistics group Uber is asking stockholders to stump up $45 per share, valuing the company at some $82bn. ahead of what analysts are predicting will be one of the biggest stock flotations in 2019 despite the fact that it has failed to make a profit to date and recently warned it may never do so. Uber had originally suggested a price range of between $44-$50 for its listing price, valuing the company at up to $120bn. However, it is considered that its lower IPO price was to avoid the fate of arch rival Lyft whose valuation dropped by over 30% after its recent listing. 

The corporation´s revenue last year surged 42% to $11.3bn, but its adjusted loss, following tax breaks still hit $1.8bn and its reported losses for Q1719 were reported at $1bn leaving investors gambling on Uber´s growth in its diversified activities which include Uber Eats its food delivery service and its driver-less car arm. All this just days after its drivers in both the UK and US went on strike over both pay and working conditions with some drivers reporting they are struggling to make $5 per hour.