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Uber to sell shares at $44 to $50 each in stock market debut

By The News · 29 of April 2019 05:36:41
AP Photo, Uber App, No available, FILE - This Tuesday, June 12, 2018, file photo shows the Uber app on a phone in New York. Uber on Thursday, April 18, 2019, said that it is releasing a new feature to help riders ensure they’re getting into the right vehicles. The development comes several weeks after a University of South Carolina student was killed after getting into a car she had mistaken for the Uber ride she hailed. (AP Photo/Richard Drew, File)

NEW YORK (AP) — Ride-hailing giant Uber is planning to sell 180 million shares for between $44 and $50 per share, in a sign of caution.

That would raise up to $9 billion for the San Francisco-based company, which reportedly values the company at $80 to $90 billion, lower than previous estimates that were as high as $120 billion.

Uber gave potential investors a first look at its finances this month, revealing nearly $8 billion in losses over a decade. That mirrors the challenges faced by its rival Lyft, which went public last month and saw its stock price rapidly decline.

But Uber also showed impressive growth.

Uber stockholders also will be selling 27 million shares if the underwriters exercise their option to purchase stock.