Uber IPO may be worth all-time record $120 billion, says Wall Street Journal

Uber Technologies has received proposals from a pair of Wall Street banks that value the company as much as $120 billion in an initial public offering, which would be an all-time record and is scheduled to take place in 2019, according to the Wall Street Journal.

The figure for the ride-sharing company is nearly double Uber‘s valuation in a fundraising round about two months ago and more than the value of General Motors (NYSE:GM), Ford Motor Co (NYSE:F) and Fiat Chrysler Automobiles N.V. (NYSE:FCAU) combined, the report said.

Top investment banks Goldman Sachs (NYSE:GS) and Morgan Stanley (NYSE:MS) delivered the valuation proposals to Uber, it said.

READ: Lyft is zooming past Uber in the ride-hailing IPO race

At $120 billion, Uber’s IPO will be almost five times higher than the all-time record IPO of Chinese e-commerce giant Alibaba (NYSE:BABA) which listed on September 18, 2014, and was valued at $21.8 billion. Visa (NYSE:V) came in at second place with an IPO worth $17.9 billion in 2008.

Uber is a ridesharing, taxi cab, food delivery, bike-sharing, and transportation network company. It is based in San Francisco, California.

Uber operates in almost 800 metropolitan areas worldwide.

Reporting by Rene Pastor, contactable on [email protected] 

Story by ProactiveInvestors