Uber scales back its IPO ambitions, sets maximum value of $84 billion

London(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."