Uber Technologies Inc. may be looking at a market capitalization almost twice as high than at the last funding round, the Wall Street Journal wrote on Tuesday, quoting anonymous sources. The ride-hailing giant and likely the most valuable startup already in the world is said to have been approached by major banks including Goldman Sachs Group Inc. and Morgan Stanley in the United States with proposals for underwriting, where the latter estimated its worth at $120 billion.
A person familiar with the matter said the stake of UberEats is up to $20 billion. The company based in San Francisco has maintained it would pursue a stock market listing in 2019, while insiders reveal the process for an initial public offering could be set in motion early next year. Uber reportedly stated to lenders, in an outline for a plan to raise cash through bonds, that it wouldn't achieve a profit for three more years.
The contract with SoftBank Group Corp., the largest stakeholder, apparently obligates chief executive Dara Khosrowshahi to take his firm public next year or to allow the sale of shares in the secondary market.
