Uber has been valued at $82 billion (£63bn) ahead of its highly anticipated stock listing, which is expected to be the largest of the year.
Some analysts expected the taxi-booking app to be valued at over $100bn, but it has fallen below that after setting its share price at $45. Uber had previously indicated shares would be priced between $45 and $50, and this move is being seen as an attempt to avoid the outcome of its rival, Lyft, which recently fell by a third soon after its listing.
In April, Uber, which has lost around $9 billion in its 10 years, warned it may never make a profit.
Uber boss Dara Khosrowshahi has stressed that he sees the future of the company as a varying tech company, rather than just a taxi-booking service. The company is known to be developing driverless cars, and has already launched its food delivery arm, Uber Eats.
