DJ Uber Proposals Value Company at $120 Billion in a Possible IPO
By Liz Hoffman, Greg Bensinger and Maureen Farrell
Uber Technologies Inc. recently received proposals from Wall Street banks valuing the ride-hailing company at as much as $120 billion in an initial public offering that could take place early next year, according to people familiar with the matter.
That eye-popping figure is nearly double Uber's valuation in a fundraising round just two months ago and more than General Motors Co., Ford Motor Co. and Chrysler Fiat Automobiles NV are worth combined.
Goldman Sachs Group Inc. and Morgan Stanley last month delivered the valuation proposals to Uber, the people said. These documents, which typically advise on how to position shares to potential investors, are a common step before banks are formally hired to underwrite IPOs.
The bank presentations show Uber gathering momentum toward an IPO that is among the most hotly anticipated on Wall Street and Silicon Valley and could come sooner than expected as the new-issue market sizzles. Founded in 2009 and sustained by an ample supply of private capital, Uber is seen as a bellwether for a crop of highly valued startups that have delayed tapping the public markets.