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Wealthy Goldman Sachs clients stand to rake in $1 billion on Uber IPO

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David Solomon of Goldman Sachs

Andrew Harrer | Bloomberg | Getty Images

Goldman Sachs’ millionaire clients are teed up to be among the biggest winners in Uber’s initial public offering this week.

About four years ago, the bank’s private-wealth customers were offered what are known as convertible bonds. In this case, the Uber corporate bonds turn into discounted stock when the ride-hailing company goes public, according to a person familiar with the fundraising.

Uber raked in $1.6 billion in those debt sales to Goldman’s clients, who will now get a 40% discount on Uber stock as it debuts on the New York Stock Exchange, the person told CNBC. The Wall Street Journal first reported the news and…



Source cnbc.com

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