Reports suggest that Uber Technology Inc. has recently started considering proposals that were put forth by various banks for an initial public offering, valuing the leading ride-hailing company at $120 billion.

The Wall Street Journal reported that the IPO in question is most likely to take place in 2019. An IPO at that amount is far more than Uber’s recent valuation of about $76 million that was followed by Toyota’s recent investment of $500 million in August.

Uber, for long, stood as one of the most valuable startups in the world, until China’s Bytedance Ltd. overtook its valuation at $75 billion. Goldman Sachs Group Inc. and Morgan Stanley delivered the proposals to San Francisco-based Uber last month, the Wall Street Journal reported.

With the Japanese tech giant being one of its largest shareholders, Uber has raised a significant amount of private capital and has become one of the most highly-anticipated IPOs after it was founded in 2009.

In August, Toyota said its investment in Uber would entail “mass-production” of autonomous cars that would be pressed into its ride-sharing network. Both firms are looking at the partnership as a means to catch up with rivals in the highly competitive driverless car market. The deal values Uber at $72 billion despite the company’s mounting losses. The valuation is up by 15% since its last investment in May but is on par with a previous valuation made in February, both 2018.