Uber Technologies Inc. slumped more than 7% in its trading debut after the biggest initial public offering of the year, ending the day below its last private value. Shares of the ride-hailing giant closed at $41.57, well under their IPO price of $45, for a market capitalization of $69.7 billion. Uber last raised money from Toyota Motor Corp. in August at a valuation of about $76 billion. Uber sold 180 million shares for $45 each Thursday, after marketing them for $44 to $50 apiece. In distributing the stock, Uber prioritized shareholders -- particularly institutional investors -- that it thinks will hold on to the shares for a long time.

Source: Mint May 10, 2019 20:15 UTC