Uber is reportedly looking to sell shares between $44 to $50, aiming to raise $8 to $10 billion in the offering. This would value the company between $80 billion to $90 billion, Bloomberg reports.
Previous reports had pegged Uber’s valuation at around $120 billion. Still, that valuation is higher than its last valuation of $76 billion following a funding round.
It’s likely this decrease in valuation is influenced by Lyft’s performance on the public market. Since its debut on the Nasdaq, Lyft’s stock has suffered after skyrocketing nearly 10 percent on day one.
While Uber has yet to officially set the terms of its IPO, the company is reportedly expected to do so as early as tomorrow. Even if Uber seeks the low end of the expected range, it would be more than three times the amount of Lyft’s $2.34 billion IPO. It would also make Uber’s IPO the largest one in the U.S. since Alibaba’s in 2014.
In 2018, Uber reported 2018 revenues of $11.27 billion, net income of $997 million and adjusted EBITDA losses of $1.85 billion. Uber, which filed for its IPO two weeks ago, is expected to list on the New York Stock Exchange in May.