DiDi Chuxing Technology Co, China's largest ride-hailing provider, plans an initial public offering as early as this year, The Wall Street Journal reported on Tuesday.

The move would fetch a valuation of $70 billion to $80 billion and would make it one of the largest technology IPOs ever, the Journal said.

The Beijing-based company in recent weeks has been in talks with bankers about the feasibility of tapping the public markets for cash in the second half of 2018, people familiar with the matter told the Journal.

The discussions are in early stages, and DiDi hasn't decided on a listing venue, they added.

DiDi has accelerated talks on a potential IPO in part because one of its new rivals, Meituan-Dianping is moving forward with plans for a Hong Kong float later this year, the Journal said.

DiDi is facing new challengers as several companies, including Meituan-Dianping and Ctrip, enter the ride-hailing market and launch related services, notching up the already intense competition.

DiDi, founded in 2012, was valued at $56 billion in a private fundraising round in late 2017 that raised $4 billion from investors. In March, the Shanghai Stock Exchange approved DiDi's plan to raise 10 billion yuan through an issuance of asset-backed securities.

DiDi's website said it has more than 450 million users, delivering more than 25 million rides per day, and has investment and technology partnerships with seven ride-share companies around the world, including Lyft, Grab, Uber and others.

DiDi announced Monday that it would begin offering ride-hailing services in the city of Toluca, about 60 kilometers west of Mexico City, part of its plan to expand overseas.