NEW YORK (Reuters) – Uber Technologies Inc priced its initial public offering on Thursday at the low end of its targeted range for a valuation of $82.4 billion, hoping its conservative approach will spare it the trading plunge suffered by rival Lyft Inc.

FILE PHOTO: The Logo of taxi company Uber is seen on the roof of a private hire taxi in Liverpool, Britain, April 15, 2019. REUTERS/Phil Noble/File Photo

It is an underwhelming result for the most anticipated IPO since Facebook Inc’s market debut seven years ago. Uber raised $8.1 billion, pricing its IPO at $45 per share, close to the bottom of the targeted $44-$50 range.

However, the IPO still represents a watershed moment for Uber, which has grown into the world’s largest ride-hailing