Uber Technologies opened below its offering price Friday as it debuted on the New York Stock Exchange, an unusual setback for a highly anticipated IPO.
The ride-hailing company's stock open at $42 a share, below the $45 offering price. The weak opening valued the company at about $77 billion. The company priced its IPO at the lower end of the anticipated $44-to-$50 range.
The broader market fell sharply on fears about a trade war between the United States and China. President Trump has imposed tariffs on Chinese goods valued at about $200 billion and has threatened to impose additional levies.
Uber's weak performance follows last month's poor performance of competitor Lyft, which fell below its offer price on the second day of trading.
Uber's 180 million share IPO is the largest deal since Alibaba Group Holding went public in 2014.
