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At that price, Uber would command a valuation of roughly $82 billion, making it the largest U.S.-listed IPO since Alibaba Group Holding Ltd. went public in 2014. Still, that’s less than the valuation of as much as $100 billion the ride-hailing giant had earlier targeted.
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The pricing sets the stage for Uber’s much-hyped trading start Friday, the biggest moment in a year that could break records for IPO activity. How the shares trade could help set the tone for the rest of the 2019, with other big technology startups like WeWork Cos. and Slack Technologies Inc. still waiting in the wings.
It’s far from certain the market will warmly welcome Uber shares. Shares of Lyft Inc., Uber’s closest rival, have stumbled badly since they began trading in March, down more than 20% from their IPO price. Mindful of that, and an uptick in market jitters in recent days, Uber and its underwriters are taking a conservative approach to pricing the shares after two weeks of roadshow meetings with investors. There was demand for the shares at higher prices, the people said.