Uber Block Trade to Price at 4% Discount as Lockup Expires

(Bloomberg) — A large stake in Uber Technologies Inc . changed hands before the market opened on Wednesday, a person familiar with the matter said, as post-IPO selling restrictions lift for early investors and insiders.

Goldman Sachs (NYSE:) sold about 2 million shares on behalf of an unknown selling holder at $26.90 each, a 4.0% discount to Tuesday’s closing price. Shares were offered at $26.75 to $27.00. Shares in 2019’s largest U.S. IPO closed 38% below the May offering price on Tuesday ahead of lockup expiration Wednesday.

This could be the first of many Uber block trades on Wednesday, a trader said. Goldman Sachs itself held a 4.1% stake, according to Bloomberg data as of June, putting it among the top 10 holders.

Uber (NYSE:) shares fell as much as 8.7% in New York on Wednesday, touching a new all-time low of $25.58.

(Adds share move in fourth paragraph.)

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