Shares in the initial public offering of Uber Technologies (UBER) priced at $45, coming in near the low end of its expected range of $44 to $50 per share and raising $8.1 billion, reports said Thursday.
The closely watched Uber IPO offered 180 million shares and received a market valuation of $82.3 billion at the offering price. Uber stock will begin trading Friday morning on the New York Stock Exchange under the ticker UBER. It is the largest technology IPO since Facebook (FB) in 2012.
The Uber IPO pricing stands in stark contrast to the Lyft (LYFT) IPO, where underwriters pushed the share price higher ahead of the offering. That added to heightened expectations that did not go well for the company.
The orders for shares in the Uber IPO was reportedly higher than the amount being allotted, which could have been used to justify an increase in the offering price. Research and advisory firm IPO Boutique on Thursday said, based on underwriter guidance, that the offering was “multiple-times oversubscribed.”
Underwriters most recently valued Uber at $76 billion in a private fundraising round in August, though estimates by investment bankers on Uber’s valuation at one point was reportedly above $100 billion.