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Uber has filed for an early 2019 initial public offering (IPO), The Wall Street Journal reports. According to the New York Times, banks are expected to ask for an IPO a valuation of the company of up to 120 billion dollars.

Uber Chief Executive Dara Khosrowshahi confirmed that the IPO was happening in May, saying that "we're in a good position in terms of the company's profile, in terms of profitability and margins continue to get better".

Founded in 2009 by Travis Kalanick, Uber has raised nearly $20 billion from investors such as Japan's SoftBank and Toyota.

Together, Uber and Lyft will test public market investor appetitive for the ride-hailing business, which emerged less than a decade ago and has proven wildly popular, but also unprofitable. In the third quarter, Uber lost $1.07 billion on revenue of $2.95 billion.

The auto service mediator Uber, according to the media the first step in the direction of the stock market reports made. But one of them, its self-driving vehicle unit, which was ultimately aiming to create technology to replace human drivers and hence help Uber become profitable, has killed people.

No withstanding the excessive hype, Uber faces the stiff challenge of overcoming the concerns of the investment community well before its IPO hits the market.

The businesses include freight hauling, food delivery and electric bike and scooter rentals.

San Francisco-based Lyft filed with the SEC last Thursday, but didn't say how many shares it would issue or the price of its stock.

The Uber IPO is expected to be one of the biggest in history - even during a period of market unrest.

Mr. Hudson said the ride-hailing companies' IPO plans also will put more pressure on other tech startups to go public, with employees and private shareholders seeking liquidity that comes with listing in the public markets.

Lyft was launched in the summer of 2012 by Logan Green and John Zimmer as Zimride, a ride-sharing service between cities shared on Facebook.