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How the promise of a $120 billion Uber IPO evaporated

The ride-hailing firm went public last week at $45 a share and has since dropped to around $41, pegging Uber's market capitalisation at $69 billion

Mike Isaac Michael J. de la Merced & Andrew Ross Sorkin | NYT 

Last September, Uber’s top executives were pitched by some of Wall Street’s biggest banks, Morgan Stanley and Goldman Sachs. The bankers’ presentations calculated Uber’s valuation almost identically, hovering around one particular number: $120 billion. That was the figure the bankers said they could convince investors Uber was worth when it listed its shares on the stock market, according to three people with knowledge of the talks. Uber’s chief executive, Dara Khosrowshahi, and chief financial officer, Nelson Chai, listened and discussed the presentations, ...

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First Published: Thu, May 16 2019. 22:10 IST
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