Uber's hotly anticipated IPO turned into a bit of a dud on Friday. By one measure, it was the fifth weakest one-day return of a company with a value of at least $10 billion of the past 24 years, according to data from Dealogic.
Uber’s stock closed at $41.57, giving it a valuation of $69.71 billion, which is certainly a very big number. But it also finished Friday's trading down 7.6 percent from its official public debut at $45.
The first-day drop put Uber’s return better than only four other companies that were valued at $10 billion or more. ADT, the security company, raised about $1.5 billion on January of 2018 but saw a first-day slide of 11.5 percent. Genuity, one of the last gasps of the dot-com era, saw its stock slide by 14.5 percent on its first day of trading back in June 2000.
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