Lyft drags down Uber IPO - $120B is more like $91B

Uber reported Friday that it was aiming for a valuation of between $80.5 billion and $91.5 billion, less than the $120 billion that investment bankers told the company last year it could fetch.

It also disclosed that it made a loss of around $1 billion on sales of roughly $3 billion in the first quarter of 2019.

The lower valuation comes after the poor performance of smaller rival Lyft Inc., whose shares are down around 20 percent from when the company listed last month.

https://nypost.com/2019/04/29/uber-kicks-off-ipo-roadshow-with-secret-meeting-in-london/

https://nypost.com/2019/04/26/uber-slashes-ipo-price-range/