Uber Technologies Inc.'s much-hyped IPO culminated in a stock market debut that sputtered.

The ride-hailing company's shares tanked 7.6% from their IPO price of $45 to end the volatile session at $41.57 on May 10. This tailspin transpired despite the fact Uber priced its shares on the low end of its price range.

Its New York Stock Exchange debut contrasts sharply with that of its main rival Lyft Inc., which went public March 29. Lyft's shares priced at $72, the top end of a price range the company increased to reflect demand. Its shares surged as much as 21% at the open but ultimately closed the session at $78.29. That's still an 8.7% increase from its IPO price.

However, Lyft has struggled since then, with its shares trading below their IPO price for more than a month and attracting significant short-seller activity. Lyft shares also fumbled May 10, tumbling 7.4% to close the day at $51.09.

Uber investors, including SoftBank Vision Fund LP's SB Cayman 2 Ltd. and PayPal Holdings Inc., will hope that their bet fares better in the longer term.

California-based Uber priced 180 million shares at $45 per share on the primary market, the low end of its $44 to $50 price range. At $45 per share, Uber raised more than $8.1 billion. It is the largest IPO since 2015, according to S&P Global Market Intelligence. But its valuation ultimately fell short of original expectations. Based on its IPO price, Uber gave itself an initial market cap of about $75.5 billion. Earlier press reports estimated the company's value to be as high as $120 billion.