Uber seeks valuation of up to $90bn at IPO

Report: Uber Plans Initial Price Range Of $44-$50 Per Share (NASDAQ:LYFT)

Uber aims for stock market debut value of up to $90bn

Uber Technologies Inc. plans to announce Friday it will price its first shares between $44 and $50, according to a report from Bloomberg.

The valuation sought is less than the $120 billion valuation that investment bankers told Uber last year it could fetch, and closer to the $76 billion valuation it attained in its last private fundraising round last year.

The IPO is reportedly drawing big-name investors. PayPal intends to invest $500 million in the company in a private placement at the IPO price. Lyft went public in March. The company will sell 180 million shares in the IPO, with the goal of raising up to $9 billion.

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Uber Technologies, the greatest of all unicorns, dropped its valuation, as the ride-sharing company begins a roadshow to sell its shares to the public. Morgan Stanley, Goldman Sachs Group Inc. and Bank of America Corp. are leading the offering.

"We and Paypal extended our global partnership through the execution of an addendum to our existing commercial agreement", Uber said in its filing to the US Securities & Exchange Commission (SEC).

The IPO pricing comes after a market debut stumble for Uber's U.S. rival Lyft, which has lost more than 20 percent of its value since its initial public offering (IPO) last month. It would rank Uber's IPO as the ninth largest on a USA exchange and the biggest since Alibaba Group Holding Ltd.'s record $25 billion listing in 2014.

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Aswath Damodaran, a New York University professor, last week placed Uber's equity value at $58.6 billion to $61.7 billion. Alongside Pinterest, Zoom Video Communications Inc. made its trading debut this month.

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 is taking a conservative approach to its valuation and could later raise the price depending on investor demand, the people said.

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