Lyft Proceeds with IPO Plans

Date: December 6, 2018
Source: Wall Street Journal
Lyft Inc. is going public.
The ride-hailing firm said today it has confidentially filed a draft registration statement with the Securities and Exchange Commission, a key step by the closely held company in selling shares to the public.
The move has been expected. The company selected underwriters, including JPMorgan Chase & Co., Credit Suisse Group AG and Jefferies Group LLC, for the offering, which is expected in the first half of next year, The Wall Street Journal reported in October.
The firm’s valuation is expected to top the $15.1 billion it was valued at earlier this year.
Lyft, which makes money by taking a commission on rides booked through its app, also said today it has not yet determined the number of shares that will be offered and the price range for them. The IPO will occur after the SEC completes a review.
The company is part of a number of private technology firms that are eyeing initial-public offerings. Lyft’s main rival in the U.S., Uber Technologies Inc., has also considered going public next year, with some bankers valuing the firm at $120 billion.
In the third quarter, Lyft reported revenue of $563 million, up 88 percent compared with the year-earlier period, the Journal has reported. The San Francisco-based company lost $254 million in the quarter, versus a $195 million loss last year.
Fidelity Investments led the most recent round of financing for Lyft.
Founded in 2012, the company had raised $5.1 billion through mid-October.
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