Uber gave the first sign on Wednesday of how big its initial offering might be, telling some investors that its stock sale might value it at up to $100 billion, people briefed on the matter said.
The number, which is below a $120 billion valuation that had been floated by investment bankers, highlights the size of the ride-hailing giant as it prepares to embark its market debut, the biggest in recent years. Its shares are expected to begin trading on the public markets next month.
The revelation also follows the I.P.O. last month of Uber’s main North American competitor, Lyft, whose shares have dropped more than 15 percent from their offering price. Another Silicon Valley darling, the digital pin board Pinterest this week set pricing expectations for its own market debut below its last private fund-raising round.
Uber is expected to publish its public offering prospectus on Thursday, giving investors a closer look into its businesses. That document will not provide any information on the offering’s potential price, but the company recently disclosed its latest thinking about its own valuation to some investors.
In a notice to holders of some of its convertible bonds, Uber said that its stock could be valued at $48 to $55 a share, these people said. That would translate into a valuation of about $90 billion to $100 billion, factoring in the roughly $10 billion that the company expects to raise.
At $90 billion, Uber would be valued well above the $76 billion it was appraised at in its most recent fund-raising last August. Investment bankers last year reckoned that the company could fetch a valuation of as much as $120 billion in the public markets.
The people briefed on the matter, who asked to remain anonymous because the details were confidential, cautioned that the I.P.O. process was ongoing and that it was too early to determine what Uber’s valuation would ultimately be. The company’s underwriters, led by Morgan Stanley and Goldman Sachs, could still raise the price of the shares — and therefore its valuation — in the coming weeks if there is enough interest from prospective shareholders.