Uber Technologies Inc. raised $8.1 billion in its initial public offering after pricing shares near the bottom of their marketed range.
The ride-hailing company sold 180 million shares for $45 each, according to a statement Thursday. It had marketed them for $44 to $50 apiece.
Based on the amount of stock outstanding after the offering, the IPO price gives San Francisco-based Uber a market value of $75.5 billion, just below its last private market value of $76 billion. The fully diluted value, including restricted stock units and other shares, could be about $82 billion.
Uber has prioritized selecting shareholders -- particularly institutional investors -- that it thinks will hold on to the stock for a long time, according to a person familiar with the matter. The company is hoping to avoid the tumultuous first weeks of trading in rival Lyft Inc., whose shares fell below its $72 IPO price within days of listing and closed 23 percent below that price Thursday.
“We view Uber’s conservative pricing as a smart and prudent strategy coming out of the box as it clearly learned from its ‘little brother’ Lyft, and the experience it has gone through over the past month,” Wedbush Securities analyst Dan Ives said. 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.