Uber Technologies is expected to launch marketing of its IPO Friday morning with salesforce teach-ins at the underwriting banks, sources told IFR.
The offering is all-primary and will be marketed within a range of US$44-$50 a share, targeting an US$8bn-$9bn raise and valuing the ride-hailing company at US$80bn-$90bn, the sources said.
PayPal plans to invest US$500m in a concurrent private placement at the IPO price, according to the sources.
Morgan Stanley, Goldman Sachs, Bank of America Merrill Lynch, Barclays, Citigroup and Allen & Company are joint bookrunners.
After salesforce teach-ins tomorrow, Uber management will head to London, before returning to the US to conduct marketing.
Uber’s IPO is expected to price after the market close on May 9.