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.