After battling for customers, Uber, Lyft may fight for IPO investors

At $120 billion, Uber's debut on Wall Street would be the biggest since the Alibaba Group of China began trading on the New York Stock Exchange in 2014

Uber and Lyft have for years battled for customers in the fast-growing ride-hailing business. Now the bitter rivals may fight for investors in their initial public offerings.

Uber has received proposals from the investment banks Morgan Stanley and Goldman Sachs that say the technology giant could be worth as much as $120 billion in an I.P.O., two people briefed on the matter who were not allowed to discuss it publicly said on Tuesday.

At $120 billion, Uber’s debut on Wall Street would be the biggest since the Alibaba Group of China began trading on the New York Stock Exchange in