Uber has grown to dominate the ride-hailing business by offering steep discounts. On Friday, Wall Street returned the favour.

The most richly valued private US tech company stalled in its New York Stock Exchange debut. Its shares closed down nearly 8 per cent from the US$45 ($68.34) initial public offering price in one of the worst debuts for a big US listing.

Coupled with the disappointing performance of rival Lyft since its late-March market debut, it cast doubt on investor appetite for ride-hailing businesses and raised questions about whether bankers have mispriced some of the most high-profile IPOs in years.

The market

The bankers

The retail investors

The business model