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From the Wall Street Journal
Link: WS Journal.
Lyft Inc. has filed confidential paperwork for an initial public offering, a key step that keeps the ride-hailing firm on pace to hit the public market early next year.
Lyft’s planned IPO is one of the most anticipated Silicon Valley debuts in recent years. The filing, which was expected, would suggest Lyft remains a step ahead of rival Uber Technologies Inc. as both work toward IPOs in 2019.
Lyft is aiming to debut in March or April, according to people familiar with the matter. By filing with the Securities and Exchange Commission now, the company should have enough time to answer questions from the agency and keep to its schedule.
Lyft, which is much smaller than Uber, is widely expected to beat its ride-hailing rival to a listing, and in doing so would afford public investors their first opportunity to buy into the fast-growing industry.
The IPO will be a test of how such investors value the industry’s players. Uber, Lyft and a host of other ride-hailing firms have received vast amounts of money from private investors at high valuations but still need a lot more capital as they continue to generate big losses.
After a blockbuster year for IPOs, 2019 could present a strong encore, with big names like Lyft, Uber, Slack Technologies Inc. and potentially Airbnb Inc. and Palantir Technologies Inc. making debuts. Recent whipsaws in the stock market might prompt some companies to go public sooner than expected to beat a possible further downturn. But if one comes quickly, it could also force companies to shelve their plans.
In October, The Wall Street Journal reported that Lyft had picked underwriters for its offering. The firm’s valuation is expected to top the $15.1 billion it was valued at earlier this year.
Meanwhile, Uber, has received proposals from bankers that value it as high as $120 billion, the Journal reported. Companies often consider such proposals before hiring IPO underwriters.
Lyft’s planned IPO is one of the most anticipated Silicon Valley debuts in recent years. The filing, which was expected, would suggest Lyft remains a step ahead of rival Uber Technologies Inc. as both work toward IPOs in 2019.
Lyft is aiming to debut in March or April, according to people familiar with the matter. By filing with the Securities and Exchange Commission now, the company should have enough time to answer questions from the agency and keep to its schedule.
Lyft, which is much smaller than Uber, is widely expected to beat its ride-hailing rival to a listing, and in doing so would afford public investors their first opportunity to buy into the fast-growing industry.
The IPO will be a test of how such investors value the industry’s players. Uber, Lyft and a host of other ride-hailing firms have received vast amounts of money from private investors at high valuations but still need a lot more capital as they continue to generate big losses.
After a blockbuster year for IPOs, 2019 could present a strong encore, with big names like Lyft, Uber, Slack Technologies Inc. and potentially Airbnb Inc. and Palantir Technologies Inc. making debuts. Recent whipsaws in the stock market might prompt some companies to go public sooner than expected to beat a possible further downturn. But if one comes quickly, it could also force companies to shelve their plans.
In October, The Wall Street Journal reported that Lyft had picked underwriters for its offering. The firm’s valuation is expected to top the $15.1 billion it was valued at earlier this year.
Meanwhile, Uber, has received proposals from bankers that value it as high as $120 billion, the Journal reported. Companies often consider such proposals before hiring IPO underwriters.