UBER pulled back on its ambitious valuation target on Friday for its Wall Street debut, while still pricing its share offering in a range that would make it one of the largest in recent years in the tech sector.
The ride-hailing firm said in a securities filing it would sell 207 million shares in a range of $44 to $50 dollars, raising up to $10 billion.
That would give Uber a market value of between $74 billion and $84 billion. Some media reports said the figure could be up to $90 billion accounting for restricted stock options.
But the pricing target – still subject to change – fell below earlier ambitions of a valuation of more than $100 billion for the firm operating in some 700 cities around the world.
Uber will trade on the New York Stock Exchange under the ticker “UBER” sometime next month.
It also announced a private placement of the tech finance firm PayPal of $500 million.
In its filing, Uber estimated it lost $1.1 billion in the first quarter of this year of $1.1 billion on revenue of $3 billion, continuing a trend of steep losses for the San Francisco-based start-up.
Uber has become the largest ride-sharing platform but has also been expanding into new segments including food delivery, freight, and “last mile” transport using electric bikes and scooters.
It is investing heavily in autonomous driving technology, in a move that could someday allow the company to offer “robotaxis” without drivers.
The IPO document said Uber aims to disrupt transportation by making it easier for consumers to move about without private cars.