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Uber set a price range of $44 to $50 per share for its IPO Friday in an updated filing. It would have a market cap of about $84 billion at the high end of the range.
The company seeks to raise about $10 billion in its IPO and will offer 180 million shares. The company will begin its IPO roadshow on Friday.
Early reports suggested Uber could be valued as high as $120 billion. Even at the high end of Uber’s range, its valuation would be far less than many expected. The company’s market cap would be $73.7 billion at the low end of its range. Uber’s last private valuation was about $76 billion.
PayPal also announced Friday that it invested $500 million in Uber.
Uber is expected to go public in early May, a little over a month after its chief rival Lyft. Lyft saw its shares drop significantly in the weeks since its IPO, which could have put a damper on Uber’s valuation. Lyft has a market cap of about $16 billion.
The company is the latest of several large tech firms to enter the IPO process this year including Lyft, Zoom, Pinterest and PagerDuty. Slack is also expected to release its prospectus Friday for a direct listing on the New York Stock Exchange.
This story is developing. Check back for updates.
