United States

Uber’s IPO bombs, has worst debut for marque name in a decade

Uber’s IPO is officially a bust. The ride-hail giant finished its first day of trading on the New York Stock Exchange down nearly 8 percent — making it the worst IPO for a marque name in at least a decade. After pricing its shares at $45 a share Thursday, Uber’s stock quickly opened down 7 percent at $42 a share. It then ended the day even lower — down 7.6 percent to $41.57 a share. “It was a bad deal,” one New York Stock Exchange veteran said of the IPO. “It’s probably the worst IPO of its size.” Initially, Uber’s CEO Dara Khosrowshahi and market experts blamed the drop on the overall market decline amid fears of a US-China trade war. But that theory went by the wayside when the S&P 500 jumped 2 percent and U ...