Lyft shares ended trading on Thursday down more than 20 percent from their IPO price amid investor scepticism over its path to profitability. Ahead of going public, Uber is also getting a $500 million investment from PayPal.
One advantage Uber will likely seek to play up to investors is that it is the largest player in numerous markets in which it operates.
The San Francisco-based company confidentially filed for its IPO back in December, a day after USA rival Lyft which went public last month.
The entrance sign to the Uber Greenlight Hub is seen in the Brooklyn borough of New York, US. An updated SEC filing reveals that the ride-hailing giant is pursuing an IPO price range of between $44 and $50.
Still, Uber's IPO may not even wait that long.
Uber gave potential investors a first look at its finances this month, revealing almost $8 billion in losses over a decade.
But Uber also showed impressive growth.
That rapid growth has continued this year.
Uber drivers are planning to strike in seven cities on May 8, which may be right around the time the company has its big IPO day on Wall Street.
At the low end of the range, Uber's market valuation would be $74 billion - below its last private funding round, in which Toyota Motor Corp. invested at a valuation of about $76 billion. Uber had previously given documentation to holders of its convertible notes outlining a potential price of $48 to $55 a share, which would have been a valuation between $90 billion and $100 billion on a fully diluted basis.
The price range would still make it the largest float since Alibaba Group in 2014.
Like Lyft, Uber will go public as an unprofitable company.
While Lyft is primarily a domestic ride-sharing business, Uber is building a ride-sharing platform that it can also use to monetize its freight and food delivery businesses, Ives said.