new YorkIn the largest IPO for years, the US-Fahrdienstvermittler Uber has its shares not as successful as hoped to strike at investors. The company set the issue price at $ 45 per share on Thursday night, hovering at the lower end of the targeted price range of $ 44 to $ 50. Uber redeems about 8.1 billion dollars (7.2 billion euros).
It is now eagerly awaited as the stocks beat on Friday on the first trading day on the New York Stock Exchange. With the issue price, the company comes to a valuation of more than 82 billion dollars (73.4 billion euros), almost as much as General Motors and Ford together.
But the world's largest car service provider is highly deficient. Last year, Uber made $ 1.8 billion in losses, with sales of over $ 11 billion. From January to March, the shortfall was around one billion dollars, the turnover at just over three billion.
With this, the taxi rival will go down in history as the company that goes public with the highest losses ever – a title hitherto borne by its smaller competitor, Lyft, which started trading at the end of March. Its stock has since lost around 25 percent.
Uber is by no means the only company in California's technology center that seeks out the market with deep red numbers. WeWork, the co-working specialist, even made a proud $ 1.9 billion loss in 2018, with sales of just $ 1.8 billion.
The Messenger service Slack, which also wants to go on the trading floor in the coming weeks, lost $ 201 million in 2018. Together with the deficits of Lyft and Pinterest, a platform for photos and shopping, which went public in April, the losses of the start-ups were close to $ 5 billion – last year alone.
Uber, Wework, and Co are on trend: 84 percent of all companies that go public today write losses, according to an analysis by Jay Ritter, a professor at the University of Florida at Gainesville. The proportion is as high as it was at the peak of the dotcom boom in 2000.
"We firmly believe that our business is economically viable in the long term," Uber's Chief Financial Officer Nelson Chai assures in a video that promises the car hire a favor. Of course, after the IPO in 2012, Facebook also had a difficult phase on Wall Street. The social media group was later, however, with Apple, Google and Netflix to the undisputed stock market stars.
Nevertheless, critics remain skeptical. The unicorns from the Valley "have not yet experienced an economic crisis," says Daniel Morgan, Portfolio Manager Synovus Trust, to consider. "The economy has been growing for ten years, and they have not been able to outperform in good times. How should that be when sales collapse in a downturn and the costs are still high? "
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