Uber Closes First Day Of Trading Down 8%

(RTTNews) - Uber Technologies Inc. (UBER) Friday closed its first day of trading nearly down 8 percent below its offer price, as the ride-hailing company's market valuation dropped below $70 billion.

Uber on Thursday had priced its highly anticipated initial public offering at $45 per share, making it the biggest IPO for a U.S. company since Facebook.

Uber sold 180 million common shares at a price of $45.00 per share, which was at the lower end of its initial range of about $44 to $50 per share. The IPO will raise about $8.1 billion for the company.

PayPal Inc. also had agreed to buy $500 million of Uber's common stock in a private placement at Uber's IPO price.

UBER closed Friday's trading at $41.57, down $3.43 or 7.62% on the NYSE.