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 Uber Technologies are being priced at about $49 a share, said the person.

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 $0.25 million in Uber shares, the person said.