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Uber’s cautious approach to its I.P.O.

The ride-hailing giant disclosed this morning that its I.P.O. could value it at $91 billion — less than what it had told some investors to expect a few weeks ago.

Uber set a price range of $44 to $50 for its stock sale, leading to a valuation of $80 billion to $91 billion. It had mentioned a figure of $100 billion to some bond investors, and some bankers had suggested it shoot for $120 billion.

This might be a Lyft effect. Shares in that ride-hailing company are 22 percent below the price at their debut last month, not a look Uber wants to copy. Kathleen Smith of Renaissance Capital, which tracks I.P.O.s, told the NYT: “The best way to avoid breaking your I.P.O. price is to be conservative when you start out with your valuation.”

The pricing could still change depending on how much enthusiasm Uber gets from potential investors during its roadshow.