end of its targeted range, hoping that approach would spare it the trading plunge suffered by Lyft.
Lyft ended down 6.9% on Friday, and is 28 percent below its IPO price.
Still, the world’s largest ride-hailing company appeared to ge
nerate more interest from mom-and-pop investors than Lyft. Retail investors at TD Am
eritrade executed more trades in the first ten minutes of Uber’s debut than in Lyft’s first 2-1/2 hours.
Uber had already lowered its valuation expectations twice in the last two months to address investor concerns over its mounting losses.
While early-stage Uber investors such as Benchmark, Menlo Ventures, First Round
Capital and Lowercase Capital made a killing in the IPO, some late-stage backers did not fare as well