Ride-hailing service Uber has reportedly received IPO proposals from banks that could value the company at $120bn should it list as planned in early 2019.

The figure would value it at more than the US ‘Big Three’ car manufacturers General Motors, Ford and Fiat Chrysler combined. The unlisted company is clearly in demand after it sold $2bn bonds in a private placement earlier this week, while reports also emerged it is considering multiple offers for minority shareholdings in its self-driving unit ahead of any listing next year.

Meanwhile, Lyft, Uber’s US rival is also seeking an IPO next year, although it’s valuation is a more conservative $15bn.