Uber shifts into lower gear, prices IPO at $45

SAN FRANCISCO (AP) — Uber is about to embark on a wild ride on Wall Street with the biggest and most hotly debated IPO in years.

The world's leading ride-hailing service set the stage for its long-awaited arrival on the stock market by pricing its initial public offering at $45 per share late today.

The price is at the lower end of its targeted range of $44 to $50 per share, a decision that may have been driven by the escalating doubts about the ability of ride-hailing services to make money since Uber's main rival, Lyft, went public six weeks ago.

Even at the tamped-down price, Uber now has a market value of $82.4 billion — significantly more than century-old automakers General Motors and Ford Motor.

Uber will face its next test Friday when its shares begin trading the New York Stock Exchange.