Manatt’s Katherine Blair, a partner in the capital markets group, spoke to Law360 about Uber’s debut on the stock market, and its subsequent weak closing on May 10.

The ride-sharing startup opened with an $8.1 billion public offering, the largest IPO since 2014. The company’s public valuation was reportedly estimated at $76 billion.

Blair said that startup businesses that have achieved valuations over $1 billion as private companies are rare, and most of these businesses have yet to report any profits. She also noted that Uber has yet to become profitable.