By Canadian Press

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

Apr 26, 2019 | 5:02 AM

NEW YORK — 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.

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

Cathy Bussewitz, The Associated Press