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Uber’s I.P.O. values it at $82.4 billion

The biggest public offering from Silicon Valley in years turned out less impressive than some expected, Michael de la Merced and Kate Conger of the NYT write.

Uber was valued at $82.4 billion after pricing its shares yesterday at $45, near the bottom of its expected price range. The offering raised $8.1 billion and the shares start trading on the N.Y.S.E. this morning under the symbol UBER.

Investors will be disappointed. While the I.P.O. is the third-largest ever to hit U.S. markets, after only Alibaba and Facebook, its valuation was below the $100 billion that Uber had forecast to some investors, and even farther below the $120 billion that some bankers had suggested. (Though it was above the $76 billion that an August fund-raising round pegged it at.)

So will employees. Shira Ovide of Bloomberg Opinion notes that their stock options may not yield the dizzying riches they might have hoped for.