Uber IPO could put company value at $120B, report says

Uber may put forth an initial public offering early next year that values the ride-hailing business at as much as $120 billion US, according to a media report.

The Wall Street Journal said Tuesday that Uber Technologies Inc. received valuation proposals from Goldman Sachs and Morgan Stanley last month. There is no guarantee Uber will fetch that valuation, or go public soon.

If it does, and at that price, the company would be worth more than Ford Motor Co., General Motors Co. and Fiat Chrysler Automobiles combined.

The ride-hailing company's most recent valuation was peggedat $76 billion US, following a $500-million investment from ToyotaMotor Corp in August.

There are hurdles for Uber, past and present. In addition to a series of scandals including workplace sexual harassment, theft of intellectual property and the ouster of its co-founder, the company is facing increasing competition.

Uber and smaller rival Lyft have been actively preparing togo public next year, and the Journal reported that Lyft has picked underwriters for a public offering expected in early 2019.

While Lyft has hired IPO advisory firmClass V Group LLC, Uber is behind in its preparations. Lyftwas valued at $15.1 billion US earlier this year.

Uber hired Nelson Chai as its chief financial officer inAugust, filling a long-standing vacancy and clearing the way forits much-anticipated IPO.

Uberdeclined to comment on the Wall Street Journal report.