Uber is reportedly set to price its IPO at the midpoint of its target or below, giving it a valuation of as much as $86 billion

Uber is set to price its initial public offering at the midpoint of its target range or below, according to a Wednesday report from The Wall Street Journal that comes prior to the ride-hailing giant's expected Thursday pricing and Friday stock-market debut.

If Uber's stock were to price at the midpoint of its expected range, at $47 a share, its valuation on a fully diluted basis would be roughly $86 billion, according to The Wall Street Journal's report, which cites people familiar with the matter.

Uber last month said it planned to sell 180 million shares in its public offering for between $44 and $50 a share, which would value the company at $80 billion to $90 billion. 

RELATED: Take a look at how much Uber drivers make around the world: 

How much Uber drivers make in different cities
See Gallery
How much Uber drivers make in different cities

1) New York City: $29.34 per ride

(Patrick Batchelder / Alamy)

2) Pittsburgh: $14.84 per ride

(Getty Images/Brand X)

3) San Francisco: $14.65 per ride

(Shutterstock / Stefanie Schoenebein)

4) Phoenix: $14.36 per ride


5) Miami: $14.38 per ride


6) Salt Lake City: $13.86 per ride

(Getty Images)

7) Austin: $13.67 per ride

(Getty Images)

8) Seattle: $13.17 per ride

(Shutterstock / Jeffrey T. Kreulen)

9) Cleveland: $13.02 per ride

(Henryk Sadura)

10) Atlanta: $12.93 per ride

(Getty Images)

11) Boston: $12.80 per ride

(Getty Images)

12) San Diego: $12.60 per ride

(Getty Images/Imagebroker)

13) Baltimore: $12.21 per ride

(Getty Images)

14) Washington: $12.17 per ride

(Getty Images)

15) Denver: $11.70 per ride

(Chris Rogers)


These expectations are well below initial valuation expectations floated in earlier press reports; Uber had sought a valuation as high as $120 billion, sources told Reuters last month.

The pricing was influenced by the disappointing stock-market performance of competitor Lyft, according to The Wall Street Journal. Some investors said they were even waiting to place orders for Uber's public offering until after Lyft reported earnings, the report said.

Lyft shares have tumbled 23% from its initial public offering's pricing in late March, and 37% from its first trade. The dismal performance comes after reportedly enthusiastic investor appetite for Lyft's shares.

Put another way, Lyft's rapid decline in its first month of trading was the second-worst one-month performance of a large US-listed IPO on record, according to Dealogic. Only Facebook's 21% decline in its first month of trading in 2012 topped Lyft's 20.5% loss in the same time. 

Even still, Uber's expected valuation ranks among the largest US initial public offerings on record.

Should Uber price at the midpoint of its range between $44 and $50 a share, it would rank third among the largest behind Alibaba and Facebook, according to a Dealogic analysis.

Uber did not respond to Business Insider's request for comment Wednesday afternoon.

Read the Wall Street Journal's story here.

This story is developing. Check back for updates.

Now read more Uber and Lyft coverage from Markets Insider and Business Insider:

Morgan Stanley, Goldman Sachs, and all 27 other banks working on Uber's mega-IPO

Uber may owe another $128 million to Google for awards related to Uber vs. Waymo

Lyft plunges to an all-time low amid reports Uber is seeking a valuation of up to $100 billion

NOW WATCH: Here's what 'Game of Thrones' stars look like in real life

More from Business Insider: 
Share your opinion — become a BI Insider! 
5 key differences between Delta Force and SEAL Team 6 
Ferrari beats on first-quarter earnings, stock surges

Read Full Story