Uber shifts into lower gear, prices IPO at $45 per share

Bay Area

SAN FRANCISCO (AP) – Uber is about to embark on a wild ride on Wall Street with the biggest and most hotly debated IPO in years.

The world’s leading ride-hailing service set the stage for its long-awaited arrival on the stock market by pricing its initial public offering at $45 per share Thursday.

The price is at the lower end of its targeted range of $44 to $50 per share. The pricing may have been driven by the escalating doubts about Uber’s ability to make money since its main rival, Lyft, went public six weeks ago and continues to see its stock drop.

Even at the tamped-down price, Uber now has a market value of $82 billion – significantly more than century-old automakers General Motors and Ford Motor.

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