Six weeks after rival Lyft's initial public offering, the San Francisco-based ridesharing company debuted on Wall Street.
Uber Technologies Inc. began trading publicly on the Nasdaq Friday morning, joining its primary rival Lyft Inc. as another Silicon Valley ridesharing company making its Wall Street debut with healthcare ambitions.
Uber officially announced its initital public offering (IPO) Thursday evening, issuing class A common stocks at $45 per share, which is expected to notch a total market value of $82 billion for the company.
Following its long-awaited opening on Wall Street, the San Francisco-based company is angling to make ridesharing a key element of the healthcare journey, specifically through non-emergency medical transportation.
Related: Uber Registers for IPO, Eyes Healthcare Play
Uber's main vehicle for expanding into healthcare is Uber Health, launched in March 2018 and headed by Dan Trigub, who joined the company in December after previously serving as regional vice president of healthcare partnerships for Lyft.
According to its S-1 filing, Uber Health has allowed the company to partner with organizations to provide reliable, affordable transportation to and from medical appointments.
The Uber Health API is a HIPAA-compliant digital dashboard that lets healthcare professionals schedule rides for patients immediately or within 30 days of an appointment, even for those without a smartphone.
Like Lyft's Concierge service, the Uber Health function can also integrate into existing workflows, according to the company.
Related: Lyft Exec on Mission: 'Get Patients Everywhere They Need to Go'
Uber acknowledged in its S-1 that the company will be subject to additional healthcare oversight and regulations as it goes public and expands its healthcare business operations.
Related: For Uber and Lyft, Medicare Could be the Next Profitable Ride
Uber and Lyft's transition from Silicon Valley to Wall Street has also been mimicked by Slack, the business messaging software application, which is also aiming to make inroads as a healthcare player through its recently acquired HIPAA certification.
Related: Slack Files to Go Public, Aims to Act as HIPAA Business Associate
Jack O'Brien is the Content Team Lead and Finance Editor at HealthLeaders, an HCPro brand.
Photo credit: MOSCOW, RUSSIA - CIRCA MAY, 2017: Modern city taxi cab car with Uber online internet taxi transportation service side markings on street at Moscow city center close up background - Image / Editorial credit: vaalaa / Shutterstock.com
KEY TAKEAWAYS
As with Lyft's IPO in March, Uber's debut has been long-awaited and has an explicit healthcare focus.
The ridesharing giant has plans to continue building upon its existing Uber Health operations.
Dan Trigub, a former regional vice president of healthcare partnerships for Lyft, is leading Uber Health.