Uber’s proposed IPO valued at $120b

Uber Technologies’ long-awaited initial public offering could be a record setter. The ride sharing service received proposals valuing it at as much as $120 billion, according to the which cited people familiar with the matter. That’s nearly twice as high as the valuation from a fundraising round just two months ago.

At a $120 billion valuation, Uber would only have to offer about 21 per cent of its shares to become the largest IPO of all time.

The record is currently held by Alibaba Group Holding. The Chinese conglomerate listed $25 billion worth of shares representing about 15 per cent of shares outstanding on the New York Stock Exchange in September 2014. the spread over German peers, after the economy minister defended the country’s deficit-hiking budget.

“The most important reason [for the drop in yields] is that Tria is continuing to stick to the government and defending the budget,” said DZ Bank strategist Christian Lenk.

“This is taken positively by the market.” In currency markets, the dollar gained 0.25 per cent to 112.03 yen after slipping to a one-month low of 111.625 overnight.

Currencies

AP Traders Gregory Rowe and Peter Tuchman at the New York Stock Exchange. The Dow has lost 4.5 per cent this month as Treasury yields soared to their highest level since 2011.