Lyft went public last month and its stock price fell 21% from its initial offering price of $72, and was selling for about $57 on Friday. If all goes well for Uber, its IPO will yield a total valuation of $90bn (£70bn), which is still lower than analysts had originally predicted.
Uber is planning to sell 180 million shares for between $44 and $50 United States each, valuing the ride-hailing giant lower than previous estimates in a sign of that some of the excitement around ride-hailing has cooled. The Uber IPO will rank as the largest in the USA since Chinese tech conglomerate Alibaba in 2014. Based on the midpoint of Uber's projections, the company expects to have a net loss of $1.07 billion on $3.07 billion in revenue in the quarter.
Uber also said PayPal had agreed to purchase $500 million of stock in a private placement at the price the IPO eventually settles at.
The price range would still make it the largest float since Alibaba Group in 2014.
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Uber has become the largest ridesharing platform but has also been expanding into new segments including food delivery, freight, and "last mile" transport using electric bikes and scooters.
The company also sees potential for much more growth. It is expected to begin trading on the New York Stock Exchange next month.
Uber will face a host of questions from investors, including when it may turn a profit, how it will navigate the transition to autonomous vehicles and whether its business model can support higher driver costs from minimum wage rules.
"People are more cautious than they were 4 weeks ago", said Duncan Davidson, general partner at Bullpen Capital, an early-stage venture capital investment firm.