Uber sets target of $44-$50 for IPO next month

April 26 (UPI) -- Uber could be valued at more than $83 billion when it begins selling shares to the public, a filing with federal regulators showed Friday.

The ride-share company said in a filing with the Securities and Exchange Commission it seeks to raise about $9 billion in cash with its initial public offering, and set its per-share target range at between $44 and $50 -- giving it the $83 billion valuation. Some analysts peg Uber's value as high as $120 billion.

Uber is expected to list on the New York Stock Exchange next month, under the ticker symbol UBER.

The company says it's active in more than 700 cities and makes 17 million trips per day, and has paid out $78 billion to drivers. Uber surpassed the 10 billion-trip mark last summer.

Payment systems giant PayPal said Friday it will buy $500 million worth of Uber stock at the IPO price.

Last month, rival Lyft began trading publicly on the Nasdaq index and opened with a share price of $87 -- 20 percent higher than the announced price. Since then, Lyft shares have fallen and its market capitalization tumbled from $25 billion on its IPO to a present value of about $16 billion.

Other tech companies going public soon include Zoom, Pinterest and Slack.