Uber Technologies Inc. and Lyft Inc. are solidifying plans for initial public offerings next year, when a wide pool of investors will decide what the money-losing ride-hailing businesses are actually worth.
Wall Street’s top banks, vying for a coveted underwriting spot on Uber’s IPO, suggest the San Francisco company could produce one of the most valuable offerings ever. In their pitches to Uber, Morgan Stanley and Goldman Sachs Group Inc. said the business could be valued at about $120 billion in an IPO, people familiar with the matter said, who asked not to be identified because the discussions were private.
