NEW YORK (CBSDFW.COM/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 between $8 billion and $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 the 10-year-old company also showed impressive growth.
Uber stockholders also will be selling 27 million shares if the underwriters exercise their option to purchase stock.
(© Copyright 2019 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)