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Bank of America, Morgan Stanley Selling Uber Shares to Clients

Banks offer shares in many of the hottest private companies to investors who want to buy in before an initial public offering.

Bank of America Corp. and Morgan Stanley are selling shares in Uber Technologies Inc. to their high-net worth clients, according to a person familiar with the matter.

Shares in the car-booking technology company are being priced at about $49 a share, said the person, who asked not to be identified because the plans are private. Bank of America's Merrill Lynch is restricting its sales to clients with a net worth of more than $100 million and is asking for a minimum purchase of $1 million, the person said. Morgan Stanley is requiring them to buy at least $250,000 in Uber shares, the person said.