Ubuntu sets the IPO price at the low end of the target range

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      UBER. N set its initial public offering (IPO) price at the low end of its target range on Thursday and valued the company at $82.4 billion, hoping that this conservative approach will help it avoid market turmoil experienced by rival Lyft.
Ubuntu's IPO is the most visible U.S. listing since Facebook Inc. (FB.O) went public seven years ago. Ubuntu has set its IPO price at $45 per share, with an expected range of $44-50 per share, raising a total of $8.1 billion.
Ubuntu's IPO comes at a time when the Sino-US trade dispute has led to turmoil in financial markets, and shares of LYFT.O. have fallen sharply, down 23% from the late March IPO price.
Ubuntu's valuation is nearly a third lower than last year's estimate of up to $120 billion by investment bankers.
The IPO was oversubscribed, but Ubuntu set its offering price at the low end to avoid repeating the Ford IPO at the end of March. Raffles'IPO was priced higher, but fell sharply after trading began. Youbu also wants to adapt to the needs of large mutual funds, which, unlike hedge funds, tend to subscribe at lower prices.
Lloyd's shares fell nearly 11% Wednesday to a record low of $52.91, well below the $72-a-share IPO price. Earlier, the company reported a quarterly loss of $1.1 billion.


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