(NPR) — The ride-hailing company Uber made its stock market debut on Friday, and promptly saw share prices dip slightly.
Months ago, there was speculation the company could be valued as high as $120 billion. Instead, the company took a more conservative approach — relatively speaking, anyway.
Uber priced its shares at $45, the lower end of the possible range, aiming for a total diluted market value of about $82 billion. After a delay of two and a half hours, trading started with the stock at $42, down more than 6 percent over that initial price.
The company's pricing reflected a relatively conservative approach for this initial public offering. A few months ago, analysts were expecting Uber's IPO to be far bigger than this. A $100 billion valuation was seen as reasonable — some even floated $120 billion.
Still, this is the largest U.S. initial public offering since Alibaba's record-setting IPO in 2014.
Uber, which has never turned a profit, raised $8.1 billion in the IPO.