Uber has placed itself at the lower end of its targeted range at $45 (£34.50) a share, giving it a valuation of $82 billion.

The taxi hailing app opted to price its shares at the lower end of its $44 (£33.80) to $50 (£38.40) target amid market concerns over profitability and rival Lyft’s public debut.

Lyft shares fell as much as third following its debut on the stock market, amid growing concerns that the company is struggling to prove profitable.

Nevertheless, Uber’s valuation still makes it the biggest tech IPO since Facebook’s (NASDAQ:FB) debut seven years ago.

Uber was founded ten years ago in 2009.

It has quickly come to be credited as having disrupted the transport industry, having now become one of the most well-known tech companies in the world.

Nevertheless, its rise has been marred by a series of public controversies as well as various high-profile management exits, including co-founder Travis Kalanick, who departed amid allegations of misconduct.

Uber is also under fire over disputes regarding how it treats its drivers. In response, the firm has repeatedly attempted to classify as ‘self-employed’.

Nevertheless, Uber ultimately lost an appeal against a landmark employment tribunal which argued that its drivers should be in fact classed as employees, in turn appropriating greater rights.

Ahead of its highly anticipated IPO, drivers in the UK and US went on strike this week, protesting against pay and long hours.

Alongside this, the California-based firm has also increasingly struggled to capitalise on its popularity effectively, having lost almost $9 billion (£6.9 billion) since its inception.