Uber is going public with its IPO today, meaning that for the first time the public can invest in the ride-sharing app. The initial price offer is $45 per share, at the lower end of the scale originally set by Uber, which ranged from $44 and $50.
Altogether, the sale of 180 million common shares is set to raise $8.1 billion, which the company says will help fund its expansion into new markets and food delivery, as well as funding research into driverless cars.
The IPO gives Uber a valuation of approximately $82.4 billion and is one of the largest IPOs of all time, according to The Guardian. Uber has never made a profit and warned investors in its prospectus that it doesn’t know if it ever will. Rival Lyft also floated at the end of March but has since seen its share price tank by 27 percent.
The Uber IPO comes a day after Uber and Lyft drivers went on strike to protest against low wages and lack of job security.