The ride-hailing giant, Uber, has been informed by Wall Street banks it could be worth as much as $120bn in its initial public offering (IPO) which is tipped to take place early next year, according to a report by The Wall Street Journal.
This new figure is almost a marked increase of the valuation of $76bn it received in its most recent fundraising round in August this year.
Predictions that Uber is set to go public in 2019 were fueled by Uber's new CEO Dara Khosrowshahi's comments in an interview with CNBC in May where he stated that Uber had a "very strong balance sheet."
"I do think that we're on track in 2019 for an IPO," he added. "Lots of things can happen in the world but we have a reasonable buffer as well, so I think we're in a pretty good spot."
Visit Innovation Enterprise's Chief Strategy Officer Summit in New York on December 6–7, 2018
Until now the IPO was tipped to take place in the second half of September 2019, however the proposals from US banks have indicated that it could take place earlier than expected.
The valuation not only shows a huge increase on earlier predictions, but places Uber far above many of its competitors in the automotive industry, coming in at three times the value of Ford and twice that of the currently struggling Tesla.
Additionally, Uber's direct ride-hailing rival Lyft has been tipped to lead its flotation in 2019 with a valuation of more than $15bn, paling in comparison to Wall Street's predictions for Uber.