Uber looks to raise up to $9B in initial public offering

NEW YORK (AP) — Uber is planning to sell 180 million shares for between $44 and $50 each, valuing the ride-hailing giant lower than previous estimates in a sign of caution.

That would raise up to $9 billion for the San Francisco-based company, valuing Uber at an estimated $80.5 billion to $91.5 billion, compared with prior estimates that were as high as $120 billion.

The figures are likely to be revised as Uber gets feedback from potential investors.

Uber also disclosed PayPal plans to buy $500 million in stock at the IPO price, and that the companies will explore future commercial payment collaborations.

Uber gave potential investors a first look at its finances this month, revealing nearly $8 billion in losses over a decade. But Uber also showed impressive growth.

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