Uber priced its initial public offering at the low end of its targeted range to value the company at $US82.4 billion ($A118 billion), hoping the conservative approach would let it avoid the market chaos suffered by rival Lyft.
Uber, the most high-profile US listing since Facebook seven years ago, raised $US8.1 billion ($A12 billion), pricing its IPO at $US45 ($A64) per share, compared with an expected range of $US44-$50 per share.
Uber's IPO came against a backdrop of turbulent financial markets, fuelled by the trade dispute between the United States and China, as well as the plunging share price of Lyft which is down 23 per cent from its IPO price in late March.
Uber's valuation is almost a third less than the valuation of up to $US120 billion that its investment bankers predicted last year.
The IPO was oversubscribed, but Uber settled for a lower price to avoid a repeat of Lyft's IPO in late March, which priced strongly then plunged in trade.
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Uber also wanted to accommodate big mutual funds, which unlike hedge funds put in orders for a lower price.
Lyft's stock slumped nearly 11 per cent on Wednesday to a record closing low of $US52.91, well below the $US72 per share IPO price, after the ride-hailing company reported a $US1.1 billion quarterly loss.
Some still consider the stock overpriced.
"Uber is basically Lyft 2.0. Good model, growing sales. But, yet again, here comes California math once more. It is still losing a ton of money," said Brian Hamilton, a tech entrepreneur and founder of data firm Sageworks.
In meetings with potential investors the past two weeks, Uber's chief executive, Dara Khosrowshahi, argued that Uber's future was not as a ride-hailing company, but as a wide technology platform shaping logistics and transportation.
