Its $82.4 billion valuation, which factors in stock options and restricted stock grants, is above its last private fund-raising valuation of $76 billion, from August. But it is below the $100 billion that Uber forecast to some investors this year — and well below the $120 billion that some of its bankers floated last year.

Its lead underwriters at Morgan Stanley, Goldman Sachs and Bank of America acted cautiously in pricing the I.P.O., said people briefed on the decision who were not authorized to speak publicly.

Among their concerns: stock market turmoil driven by worries that the Trump administration’s trade war with China will continue, and concern about the financial performance at a rival, Lyft. Lyft went public in March, but its shares quickly fell; this week, the company posted a $1.14 billion loss for its first quarter.

There have also been questions from investors about Uber’s business model. The company faces significant competition in its ride-hailing and food delivery businesses, and price wars with an array of competitors in each market are expected to continue. It lost $1.1 billion in the first three months of this year alone, even as its revenue grows.