Uber Technologies Inc's shares fell nearly 9% in their debut on Friday, marking a rocky start to one of the most high-profile U.S. initial public offerings since Facebook Inc's seven years ago. The stock's opening at $42 undermined Uber's strategy to price its oversubscribed IPO conservatively at $45 per share to avoid a repeat of rival Lyft Inc's stock market struggles following a strong debut in March. Led by Chief Executive Officer Dara Khosrowshahi, a team of Uber officials were on the NYSE trading floor to mark the start of the day's trading. As a private company, Uber has raised more than $15 billion from investors to fuel its growth and expansion into food delivery and freight hauling, with little regard for turning a profit. But as a public company, it will have to deal with quarterly earnings reports and demands from shareholders to plot a path to profitability.

Source: Mint May 10, 2019 15:56 UTC