Uber is expected to set its share price at $45

IMAGE DISTRIBUTED FOR UCLA ANDERSON- Ursula Burns chairman and CEO Xerox Corporation recipient of the 2015 John Wooden Global Leadership Award speaks at the Eighth Annual John Wooden Global Leadership Award Dinner at the Beverly Wilshire hotel on Tue

Even at the low end of the price range, Uber's listing was the ninth-largest US IPO of all time and the biggest on a US exchange since Alibaba Group Holding Ltd's US$25b global record holder in 2014, according to data compiled by Bloomberg. The company will raise roughly $8 billion with a market value of $82 billion, falling short of what investors once hoped would be a $100 billion valuation.

Uber's valuation is nearly a third less than the valuation of up to US$120 billion that its investment bankers predicted past year.

The sell off came as President Donald Trump escalated the trade war with China, boosting tariffs on some $200 billion worth of goods from 10% to 25% Friday. Uber's biggest competitor briefly dipped below its last private value of $15.1 billion in premarket trading Thursday, before rebounding to close at $55.18 for a valuation of about $15.8 billion. CEO Dara Khosrowshahi tried to strike a positive note, telling Reuters from the trading floor of the New York Stock Exchange, "My reaction [to the share price] is if we build and build well, shareholders will be rewarded".

This year, widely expected to be the busiest for mega US tech listings this century, got off to a rocky start as a partial government shutdown shuttered the agency that approves IPO documents for 35 days, all but killing activity in the first quarter. After submitting its confidential filing in December, Uber - along with Lyft Inc and a host of other hopefuls - was left sitting on the sidelines while United States stocks enjoyed the best start to a year in at least a decade.

Of course, the explanations are already coming thick and fast as to why this wasn't a disaster and why it was just bad luck on Uber's part, and how it will inevitably recover, and how the shares will at least give it $8bn to invest, and didn't Facebook have a hard time when it IPO'ed?

No matter how the stock swings, the IPO has to be considered a triumph for the company most closely associated with a ride-hailing industry that has changed the way millions of people get around while also transforming the way millions of more people earn a living in the gig economy. "The trouble is that's going to require keeping investors at bay who are putting pressure on Uber to deliver earnings".

The market closed before it became too unbearable: the ride-hailing app maker's shares finished down 7.6 per cent on its first day to $41.57. Robert Johnson, professor of finance at Heider College of Business, Creighton University in Omaha, Nebraska said. Some, like Uber and Lyft, are unprofitable. But, yet again, here comes California math once more. Uber reported a loss of $3.03 billion in 2018 from operations. Morgan Stanley, Goldman Sachs Group Inc. and Bank of America Corp. led the listing.

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