Uber has fallen short of its expected $100 billion valuation ahead of its IPO, setting its value at around $90bn.

In one of the most anticipated stock market floatations this year, the ride-hailing app set its share price at $44-50, which is expected to raise around $10bn.

The move will also see $500 million worth of shares go to PayPal.

The company's valuation comes despite Uber's warning earlier this month that it may never make a profit. In March, Uber's rival Lyft raised at $24bn but saw its share price fall 20% soon after.

Uber also announced it made a loss of $1bn for the first three months of 2019, while 1.5 billion journeys were made.