On May 10, 2019, Uber went public. In the year before its debut, Uber had sales of $11 billion and a net loss of $3 billion. After estimating a filing range of $44-50 share, the final offer price ended up being $45. The Uber offering was led by Morgan Stanley who charged a fee of 1.3111 percent of the proceeds. Uber sold 180 million shares in the offering. At the end of the first day of trading, Uber stock closed at $41.57 and one year later it closed at $31.64. Underpricing refers to the percentage increase in the price on the first day of trading.

A. What was the underpricing of this IPO?

B. How much in millions of dollars rounded to one decimal place, did Morgan Stanley and the rest of the underwriting syndicate make on this deal?

C. How much in millions of dollars rounded to one decimal place, did Uber and its owners net?

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