The underwriters of Uber Technologies’ initial public offering on Tuesday overwhelmingly recommended the company’s shares, even as they estimated deeper losses than previously expected for the ride-hailing service this year.
About $5 billion of Uber’s stock market value has evaporated since the hotly anticipated IPO, making that event a major disappointment for the company, its shareholders and underwriters. Analysts, on average, now expect Uber to lose more than $6 billion in 2019, according to Refinitiv data. On Monday, the average estimate - provided by analysts not involved in the IPO - was a loss of $4.4 billion in 2019.
Uber was the biggest of a group of Silicon Valley startups that have gone public this year against the backdrop of a global stock market selloff sparked by the trade battle between the United States and China. The San Francisco-based company also faces increased regulation in several countries and wage battles with its drivers.
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