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Companies

Uber valued at $82bn in IPO as market jitters, Lyft woes weigh

Ride-hailing service takes conservative pricing strategy to avoid sharp fall

In its filing on April 11, 2019, Uber named Japanese technology investor SoftBank Group as the company's largest shareholder, with a 16.3% stake.   © Reuters

NEW YORK (Reuters) -- Uber Technologies priced its initial public offering on Thursday at the low end of its targeted range for a valuation of $82.4 billion, hoping its conservative approach will spare it the trading plunge suffered by rival Lyft.

It is an underwhelming result for the most anticipated IPO since Facebook Inc's market debut seven years ago. Uber raised $8.1 billion, pricing its IPO at $45 per share, close to the bottom of the targeted $44-$50 range.

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