Dow Drops 600 Points, Uber Announces IPO Will Price At Top, And Our Work Here Is Done

No one wants to hold equities today but everyone wants to hold Uber on Thursday, claims Uber.
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Let's play a little game.

If logic holds, a company IPO'ing on the promise of growth, and only the promise of growth would require a strong market environment to justify its heady valuation.

So, how are things today?

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Wow! It would suck to go public this week then, especially considering that everyone is looking at the China trade deal talks set for Thursday. Can you imagine IPO'ing on Thursday if you're a global brand with no underlying financial strength outside ephemeral global growth? Oh, right...sorry, Uber.

Uber Technologies Inc. has enough investor demand to price its initial public offering at the top end of its price range, people familiar with the matter said.

With more than 48 hours to go before the ride-hailing giant’s IPO is expected to price, investors have put in orders for at least three times the amount of stock on offer, the people said, asking not to be identified as the details aren’t public. Still, Uber is expected to price the sale within its existing range as it is keen to ensure strong aftermarket trading for the stock, they said.

Uber’s share sale, which could raise as much as $9 billion, is likely to be the largest this year and one of the 10 biggest U.S. listings ever, according to data compiled by Bloomberg. The San Francisco-based company, which is due to price its shares Thursday, hasn’t made a final decision on the price at which they’ll be sold, the people said.

The markets are yet another spouse being gaslit by Donald Trump. China is feeling "playful," Silicon Valley exceptionalism is real and Thursday is going to be fucking awesome.

Uber IPO Has Enough Demand to Price at Top of Range [Bloomberg]