The Chinese ride-hailing firm is expecting to mop $70-$80 billion through its IPO.

On Tuesday, a report by the Wall Street Journal stated citing sources familiar with the matter at hand, Didi Chuxing, a Chinese ride-hailing firm is in talks for holding its multi-billion-dollar initial public offering (IPO) sometime this year.

Didi Chuxing is expecting to be valued in the range of $70 billion to $80 billion. It is holding talks with bankers over the feasibility of raising such large sums of cash through an IPO slated for the second half of this year.

As per WSJ’s report, Didi has advanced its IPO since its Chinese rival Meituan-Dianping is ahead with its own listing plans.

Since Didi’s discussions are at an early stage, there can be no certainty to its IPO taking place this year, said sources.

Didi declined to comment on the matter.

On Monday, in a separate statement, Didi said, it has launched a ride-hailing service in Toluca, Mexico, as it tries to gain traction in the region to fight with rival Uber Technologies Inc.