A disappointing performance for OBER shares on the first trading day

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Disappointing exhibition of actions

Reuters

BRENDAN MCDERMID

American stock exchange in New York City

The shares of Ober Technologies, a disappointing performance, on the first day of trading fell from the IPO price of the world's largest passenger services through smart phone applications.

The company's shares began trading at $ 42, compared to the $ 45 IPO price, down 9% to $ 41.06 in the early stages of trading before recovering from some of its losses, closing 7.6% at $ 41.57.

Uber's initial public offering comes amid an escalation of trade tensions between the US and China that has damaged financial markets and raised investor doubts that it may soon become profitable.

The company's CEO, Dara Khosrow Shahi, tried to calm investors by referring to growth opportunities and plans to expand their businesses. "My reaction to the share price is that if we build well, the shareholders will receive a reward, for a period of one day, but for a period of years."

As a private company, Ober has raised over $ 15 billion from investors to cultivate its growth and expand its businesses without paying much attention to the shift to profitability.

Ober announced a loss of $ 3.03 billion in 2018.

Source: Reuters

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