That was bad enough. But things got worse when Uber's stock hit the New York Stock Exchange on Friday. Its shares opened below their IPO price and stayed down all down day. TheyIt was an inauspicious beginning to one of the most highly anticipated IPOs in years.Uber chose the worst possible week to have its IPO, and the bad timing will cost it billions
Part of the reason for that is the IPO raised significantly less money than the company could have under previous expectations. Given the 180 million shares Uber sold in the offering, it could have raised $12.8 billion if it actually had gone out with a $120 billion valuation. That would have put an extra $4.2 billion in its coffers.
Some of Uber's investors and insiders are likely going to be disappointed in the IPO for another reason. The stock the company sold in its public offering all came from Uber's own coffers, it didn't include any shares held by insiders or early investors. Of course, it's hard to feel too sorry for those insiders and early investors. Many of those who planned to sell are going to eventually see huge windfalls even if they can't sell right away.The same isn't necessarily true for the majority of Uber's rank-and-file employees. The company has gone from about 3,500 employees in August 2015 to more than 22,000 at the end of last year.
This Wednesday, March 1, 2017, photo shows an exterior view of the headquarters of Uber in San Francisco.Employees are in better shape with the shares and options they got last year. The options have an average strike price of $33.45, while the restricted shares had a grant value of $36.73 per share. Still, Uber's stock wouldn't have to fall a whole lot for those too to be underwater.
Source: News Formal (newsformal.com)
Vile company, vile practices
SAI DUBER
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