Uber 'could land $120bn price-tag' in upcoming IPO

Missing Saudi Journalist Jamal Khashoggi with his fiance Hatice Cengiz

Uber and smaller rival Lyft's initial public offerings, both expected in 2019, will test investor tolerance for money-losing technology unicorns. There is no guarantee Uber will fetch that valuation, or go public soon.

Uber had always been one of the most valuable startups in the world, until China's Bytedance Ltd. was said to be valued at $75 billion.

The second-largest US ride-sharing company's valuation could top $15 billion in the public markets, said the person, who asked not to be named because the discussions are private.

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Khosrowshahi became CEO of Uber in August, replacing Travis Kalanick who was ousted in June 2017 after a number of scandals and reports of a "boy's club" culture at the company, including allegations of sexual harassment and discrimination.

Goldman Sachs Group Inc. and Morgan Stanley delivered the proposals to San Francisco-based Uber last month, the Journal reported, citing the unnamed people. The two firms declined comment. Last month, it settle an investigation into a 2016 data breach with a payment of US$148 million, and earlier this year reached a settled with former Google auto unit Waymo over allegedly stolen trade secrets. It resumed testing in Pennsylvania in July, but with a driver behind the wheel at all times, the company said.

If its valuation tops US$100 billion, Uber would be worth more than the combined value of the three big auto manufacturers General Motors, Ford and Fiat Chrysler Automobiles. JPMorgan Chase will lead the offering, along with Credit Suisse and Jefferies Group, the Journal said. The company lost $800 million in the third quarter, following a $1.2 billion loss in the first half of the year, according to reports.

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