Going public is certainly one of the most important decision in a firm’s life. Underpricing is a phenomenon well documented by the literature and although in different shapes, it's present in every market. Despite this, 2019 has been an extraordinary year for IPOs, both in a good and in a bad way. Uber, one of the biggest and most discussed companies, went public in 2019 with bad performance. With a DCF model and a rider-based valuation I tried to understand the reasons.