SAN FRANCISCO, CALIFORNIA - MARCH 22: The Uber logo is displayed on a car on March 22, 2019 in San Francisco, California. Uber Technologies Inc. announced that it has selected the New York Stock Exchange for its much anticipated initial public offering that could be one of the top five IPOs in history. The listing could value the ride sharing company at over $120 billion. (Photo by Justin Sullivan/Getty Images)
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(CNN Business) —  

Uber is aiming to sell its shares for between $44 and $50 each when it goes public on the New York Stock Exchange, according to a regulatory filing released Friday.

At the top end of that range, the initial public offering would raise just over $10 billion and value the company at $84 billion based on nearly 1.7 billion outstanding shares.

On a fully diluted basis, with stock options and restricted stock units factored in, Uber’s valuation would be as much as $91 billion at the top end of its pricing range.

Uber said that PayPal (PYPL) had separately agreed to purchase $500 million of common stock in a private placement equal to the IPO price.

The pricing reflects a cautious approach by Uber aimed at avoiding the post-IPO trauma experienced by Lyft (LYFT). Shares in Uber’s smaller rival have dropped over 20% since their debut in late March.

Uber had previously considered targeting a valuation of $100 billion, according to the Wall Street Journal, and some bankers had suggested last year that it aim for $120 billion.

The final price for the shares will be set in the coming weeks after Uber has a chance to gauge demand from investors. The vote of confidence from PayPal on Friday could help bolster interest.

The company will list under the ticker symbol “UBER.”