Term Sheet — Thursday, May 9

The biggest IPO since Alibaba. The most anticipated Silicon Valley IPO since Facebook. The largest IPO of 2019.

The hype is building as Uber tries to manage expectations. The ride-hailing behemoth now plans to price its public offering at or below the midpoint of its expected price range, which may value it at approximately $86 billion. (Remember when some bankers were floating a $120 billion valuation?) This number would still put Uber above its most recent private market valuation, which was $76 billion.

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