Ride-hailing company Uber Technologies Inc is aiming for a valuation of up to $91.5 billion in its initial public offering, potentially the largest US listing in years and a test of investor appetite for a high-growth but highly unprofitable business.
In a regulatory filing on Friday, Uber set a target price range of $44 to $50 per share for its IPO. The company will sell 180 million shares in the offering to raise up to $9 billion, with a further 27 million sold by existing investors for as much as $1.35 billion.
Reuters reported earlier this month that the combined value of Uber shares sold in the IPO could be around $10 billion.
Uber also said PayPal had agreed to purchase $500 million of stock in a private placement at the price the IPO eventually settles at.
The updated public filing comes as Uber gears up to begin its investor road show, in which management will spend the coming days pitching Uber to public markets investors. Uber expects to price the IPO on May 9 and then begin trading on the New York Stock Exchange the following day, people familiar with the matter have said.
