Uber seeks IPO valuation of $90 billion, estimates lower than expected

Uber Technologies is aiming for a valuation in the range of $80 billion to $90 billion in its IPO offering and seeks to raise $10 billion in cash. In a regulatory filing of Friday, Uber said that it will tender 180 million shares and has set a price range of $44 to $50 for each share. However, Uber's IPO valuation is below the estimate as reports suggested that it could be valued at $120 billion. The IPO is reportedly attracting interests from big investors like PayPal which has announced that they will buy shares worth $500 million.