Ride-hailing company Uber will unveil terms for its initial public offering on Friday, telling investors it will seek to be valued at between $80 billion and $90 billion, according to people familiar with the matter.

The valuation sought is less than the $120 billion valuation that investment bankers told Uber last year it could fetch, and closer to the $76 billion valuation it attained in its last private fundraising round last year.

Uber’s moderation of valuation expectations reflects the poor stock performance of its smaller rival Lyft Inc following its IPO last month. Lyft shares ended trading on Thursday down 22 percent from their IPO price amid investor skepticism over its path to profitability.

Uber will unveil on Friday an IPO price range of between $44 and $50 per share, based on which it would raise between $8 billion and $9 billion, the sources said. The ten-day investor roadshow will kick off on Monday, setting the stage for Uber to debut on the New York Stock Exchange in early May.

In addition, some Uber insiders will also sell their own shares in the IPO, the sources added. Reuters reported earlier this month that all the Uber shares sold in the IPO could be worth around $10 billion.

Uber also plans to unveil on Friday its last sale of stock as a private company, the sources said. The identity of the investor involved in the private placement could not immediately be learned.

The sources asked not to be identified because the matter is confidential. Uber declined to comment.

Uber operates in more than 70 countries. In addition to ride hailing, its business includes bike and scooter rentals, freight hauling, food delivery, and an expensive self-driving car division.