Lyft beats bigger rival Uber in filing for IPO

Uber files for IPO, Wall Street Journal reports

Uber files for IPO, Wall Street Journal reports

San Francisco-based Lyft has submitted early-stage documentation for its IPO, according to a statement Thursday.

However, sources told Reuters that the IPO would take place in the first half of next year.

Lyft is getting ready to ride the stock market. "But there's a danger of waiting to go public as well - markets could go even lower, and the companies could raise less money if they waited longer", said Jay Ritter, an IPO expert and professor at the University of Florida. Uber is expected to pursue an IPO next year that could value it at about $120 billion, while home-renting company Airbnb Inc, valued at $31 billion, is also seen listing in 2019. "If public market investors get excited about that they are really going to get excited about a business that is 5X the size".

The company was valued at $15.1bn (£11.8bn) at its latest funding round in June, when investors led by Fidelity Investments poured $600m into the firm. "It's a much easier path for them to go public because the distance between a reasonable public market valuations and their recent valuation isn't significant", Sundararajan said.

Milwaukee Bucks Trade Matthew Dellavedova to Cavaliers for George Hill
Both Henson and Dellavedova, who won a title with the Cavs in 2016, have one year and about $10 million left on their contracts. Both Hill and Dekker were at Quicken Loans Arena preparing for a game against Sacramento before learning they were being moved.

Lyft said the flotation would start after the SEC has reviewed its plans, but added that it would be "subject to market and other conditions", an important consideration amid recent stock market turmoil in the USA and elsewhere. Lyft lost $254m in the third quarter of 2018, although revenues surged to $563m, the Wall Street Journal reported.

"Lyft has built a very US -based rideshare business that has done well", Green said. Anthony Foxx, the former U.S. Transportation Secretary under President Barack Obama, joined the company in October to help it company navigate new regulatory roadblocks across the U.S. The same month Dan Katz, who was chief of staff at the Transportation Department under Foxx, joined as senior director of public policy. Its investor roster includes Alphabet Inc.'s private-equity arm CapitalG, KKR & Co. and Baillie Gifford.

High-profile tech unicorns such as Dropbox Inc and Spotify dominated the U.S. IPO landscape this year, but the recent turmoil in financial markets due to escalating trade tensions between the United States and China could dampen enthusiasm for offerings from Lyft and Uber. Both continue to spend heavily on discounts for riders and bonuses for drivers.

Recommended News

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.