Lyft beats Uber to the public market as expected

Lyft beats Uber to the public market as expected

Lyft beats Uber to the public market as expected

It will join New York's Nasdaq and its stock market symbol will be Lyft.

While Lyft's revenue doubled to US$2.2 billion in 2018 from 2017, it lost US$991 million previous year, according to its filing.

Those algorithms enabled Lyft to connect 30.7 million individual riders to 1.9 million individual drivers for 178.4 million rides across North America in 2018, according to Lyft's S-1. Lyft generated Bookings of $1.9 billion, $4.6 billion and $8.1 billion in 2016, 2017 and 2018, respectively, representing year-over-year growth of 141% from 2016 to 2017 and 76% from 2017 to 2018. But the company has yet to turn a profit and lost $911 million a year ago (bringing its total losses to almost $3 billion since 2012).

Lyft's IPO is being led by JPMorgan Chase & Co (NYSE:)., Credit Suisse (SIX:) Group AG and Jefferies Financial Group Inc. Going public could also invite more scrutiny into how Lyft pays its drivers and its relationships with regulators and transit services in cities.

Lyft will offer cash bonuses of up to $10,000 to some of its most active drivers with the option to purchase shares in the IPO, a bid to improve relations with drivers. These bonuses are expected to be paid to eligible drivers on or about March 19, 2019.

Trump plans to end India's preferential trade treatment
Turkey is one of 120 countries that participate in the GSP, the oldest and largest United States trade preference programme.

Investors previously considered that investing in Uber's upcoming IPO would make a more profitable and more reliable investment with significantly mitigated risks in oppose to its "smaller" competitor, Lyft, it now appears that there are more than several reasons why Lyft IPO may beat Uber initial offering in the long run.

"We believe that the world is at the beginning of a shift away from vehicle ownership to Transportation-as-a-Service, or TaaS". Legendary venture capital firm Andreessen Horowitz may stand to realize the greatest return on the IPO: the $60 million a16z put into Lyft in 2013 could be worth $1.6 billion when the company goes public.

Lyft expects to be valued at between $20 billion and $25 billion, up from its current $15 billion valuation, sources have told Reuters.

Lyft is now valued at $15bn, just seven years after it was founded by technology entrepreneurs John Zimmer and Logan Green. Lyft plans to launch its two-week roadshow to pitch potential investors the week of March 18, setting up the company for an early April debut.

Founded in 2007, Lyft has presented itself as a genial alternative to Uber. Lyft serves over 300 markets in the US and Toronto. The rap on Uber is that the growth in its core business is anemic, while its hoped-for bright spots are its prepared-food delivery and freight forwarding businesses. Hussain said that the median valuation of a tech IPO in 2008 was only $106 million while Uber and Lyft have a combined valuation of more than $100 billion.

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.