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(Reuters) - Chinese ride-hailing company Didi Chuxing is in talks for a multi-billion-dollar initial public offering that could take place as early as this year, The Wall Street Journal reported on Tuesday, citing people familiar with the matter.

The company is hoping to fetch a valuation of at least $70 billion to $80 billion if it goes public and has been in talks with bankers in recent weeks over the feasibility of raising cash through an IPO in the second half of 2018, the Journal said.

Didi has accelerated talks on a potential IPO partly because its new rival China’s Meituan-Dianping is moving forward with plans for a listing this year, WSJ said.

The discussions are in the early stages and it is not clear whether the IPO will happen this year, the newspaper said adding that the venue for the listing was undecided.

Didi declined to comment on the matter.

Didi said separately on Monday it launched its ride-hailing service in Toluca, Mexico paving the way for a battle with rival Uber Technologies Inc in the region.