Uber Technologiesc’s shares fell nearly 9% in their New York Stock Exchange debut on Friday, marking a tough start for the high-profile U.S. company.
The company's shares opened at $42, under their IPO price of $45. They ended the day down 7.6% at $41.57, for a market capitalization of $69.7 billion. Uber last raised money from Toyota Motor in August, at a valuation of about $76 billion.
Rival Lyft ended down 6.9% on Friday, and is 28 percent below its IPO price.
Investors are seeing Uber's strategy with skepticism as the company has not proven that it can turn profitable soon enough.
Within ten years, Uber has grown into the world’s largest ride-hailing company, making more than 10 billion trips. However, the company has been facing several hurdles from regulators across the globe and fights with its drivers over wages.
Besides its cab hailing business, Uber positions itself as company capable of providing a variety of logistic services, such as grocery and food delivery, freight transportation services and even financial services.