Uber went public on Thursday, May 9th, when the most talked-about IPO of 2019 started the first public sale at the lower end of the share price estimates.
Originally, Uber planned on going public at the share price between 47$ and 55$, later changing the price range to below 47$, at 45$, with IPO evaluation also switching from between 90 billion and 100 billion dollars to a bit over 81 billion.
In the meanwhile, as Uber appears to have disappointed investors, Walmart (WMT) published the very first report of average earnings of the company’s employees.
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Uber Takes Off at 45$ Share Price: UBER Dipped by -7.1% on the First Day Trade
Uber was announced as the biggest IPO since Facebook and Alibaba, which should have provided enough momentum for the ridesharing company to touch a market cap at 81 billion dollars and raise the planned 9 billion.
Uber instead raised 8.1 billion dollars through IPO, while market capitalization is set at 76.5 billion dollars, below the pre-IPO estimate.
While many investors were left disappointed at the end of the first trade, many analysts weren’t surprised at all as Lyft (LYFT) and the way the ridesharing company dropped by -24% during its initial sale most probably made investors cautious on investing in Uber shares.
Walmart Shares the First Average Wages Report: Walmart Raises Minimum Wages
On Uber’s big day, Walmart shared average wages report for the first time, revealing that minimum wages have been increased since May 2018.
The increase to minimum wages is set at 18 cents higher in oppose to 2018, while full-time workers who work on hourly basis are earning over 14$ per hour, which means generating 25,000$ annually.
The company store managers are paid 175,000$ on annual basis, aside from having the wages of regular workforce doubled in oppose to the federal minimum wage.
