Transportation network company Uber Technologies has decided to opt for NYSE (New York Stock Exchange) over the tech-heavy Nasdaq for its upcoming initial public offering (IPO), according to a Bloomberg report citing sources.

Further, a Fortune magazine reported said that Uber's listing, that is expected to go public in April, is estimated to value the company at as much as $120 billion. This is likely the biggest IPO for the year and to make itself one among the five biggest listings ever on NYSE, it would have to float only about 16 percent of its shares at that valuation.

Uber is diverging from its rival Lyft, which has chosen Nasdaq Global Select Market for its listing that is set to start trading next week.

Technology giants Google, Microsoft and Apple trade on Nasdaq. Once known as the dominant exchange for tech companies to go public, since the technical glitch with Facebook's listing, Nasdaq has not been the choice for many large tech companies like Alibaba, Twitter, and Snap, who chose to be listed on NYSE.

Notably, Uber's Chief Financial Officer Nelson Chai once served as the finance chief at NYSE, while its board member John Thain was NYSE's CEO between 2004 and 2007.