Shares of Uber ended the first day of trading at $41.57 — closing 7.6% below where shares opened. Meanwhile, shares of rival Lyft closed at the lowest level since it went public in late March.
The big picture: It's rare for a newly public company to open below where its shares are priced and perhaps unexpected for it to happen for one of the biggest IPOs in U.S. history and arguably the most anticipated IPO of the year.
Flashback: Per Renaissance Capital, only 3 of last year’s 10 IPOs that raised $1 billion or more opened lower than where their shares were priced: NIO, AXA Equitable Holdings and ADT. Within that group, only shares of ADT closed down on its IPO day.
Go deeper: Uber shares begin trading below IPO price