Uber on Friday set a price range of $44 to $50 per share for its IPO in an updated filing, giving it a market cap of $83.8 billion at the high end. That's far less than expected.

The company, which is beginning its initial public offering road show on Friday, seeks to raise about $9 billion in cash in its IPO and will tender 180 million shares.

Early reports suggested Uber could be valued as high as $120 billion. Even at the high end of Uber's range, its valuation would be well below what many expected. The company's market cap would be $73.7 billion at the low end of its range. Uber's last private valuation was about $76 billion.

On a fully diluted basis, Uber's valuation would be $80.53 billion on the low end of the range and $91.51 billion on the high end.

Also Friday, PayPal announced that it will invest $500 million in Uber. PayPal CEO Dan Schulman said in a statement on LinkedIn that PayPal is extending its current partnership with Uber to build Uber's digital wallet system. PayPal will buy $500 million worth of Uber stock at the IPO price.

Uber also reported its first-quarter 2019 financials. The company reported revenue of about $3 billion and a net loss of about $1 billion.

Uber is expected to go public early next month on the NYSE under the ticker UBER. Its IPO will happen a little over a month after its chief rival Lyft's IPO. Lyft saw its shares drop significantly in the weeks since its March IPO, which could have put a damper on Uber's valuation. Lyft has a market cap of about $16 billion.

The company is the latest of several large tech firms to enter the IPO process this year, also including Zoom, Pinterest and PagerDuty. Slack is also expected to release its prospectus Friday for a direct listing on the New York Stock Exchange.