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Abu Dhabi, UAETuesday 26 March 2019

Ride-hailing firm Lyft plans IPO targeting valuation of up to $25bn

The US company plans to begin marketing shares at a roadshow in March

Lyft, which announced in December that it had filed its IPO application confidentially with the US Securities and Exchange Commission, intends to list its shares on the Nasdaq market. Reuters
Lyft, which announced in December that it had filed its IPO application confidentially with the US Securities and Exchange Commission, intends to list its shares on the Nasdaq market. Reuters

Lyft plans to file as soon as next week for an initial public offering in which it will target a valuation of $20 billion to $25 billion, a person familiar with the matter said.

The ride-hailing industry’s number two plans to begin marketing shares in a roadshow starting on March 18, said the source, who asked not to be identified. That may put Lyft ahead in its race to go public against its larger rival, Uber Technologies.

Lyft, which announced in December that it had filed its IPO application confidentially with the US Securities and Exchange Commission, intends to list its shares on the Nasdaq market, the person said.

The SEC’s processing of that application overlapped with the 35-day shutdown of the federal government that delayed reviews by regulators.

A spokeswoman for San Francisco-based Lyft declined to comment. The details of the companies IPO plans were reported earlier by Reuters and the Wall Street Journal.

Uber and Lyft had both been targeting their IPOs for the first half of the year.

The ride-hailing companies have attracted billions in venture capital, and 2019 will test whether the money-losing businesses withstand wider investor scrutiny. Yandex.Taxi, Russia’s largest ride-hailing service part-owned by Uber, is also looking to list in 2019.

Lyft has been working with JPMorgan Chase & Company, Credit Suisse Group and Jefferies Financial Group to potentially lead its IPO, people familiar with the matter have said. Those banks had pitched valuations for the company ranging from about $18bn to $30bn, the people said.

Updated: February 21, 2019 01:50 PM

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