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Lyft Takes First Step in IPO Filing
Ride-hailing service Lyft Inc. says it has confidentially filed a draft registration statement with the SEC regarding an initial public offering.
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Ride-hailing service Lyft Inc. says it has confidentially filed a draft registration statement with the U.S. Securities and Exchange Commission regarding an initial public offering.
The S-1 filing is a brief statement of intent and not a prospectus. The form indicates the approximate date for the IPO but does not ask for the intended price range or number of shares to be offered.
Lyft doesn’t say when the IPO will begin, indicating only that the timing is “subject to market and other conditions.” The company is working with JPMorgan Chase, Credit Suisse and Jefferies Financial to lead the offering, which could occur as early as March, according to Bloomberg News. It says the banks have estimated Lyft’s market valuation between $18 billion and $30 billion.
Rival Uber Technologies Inc. reportedly is planning it own IPO in the first half of 2019. That company’s valuation could be as great as $120 billion, Bloomberg says.
Analysts note that the first company to make an offering presumably will have the best chance of attracting the strongest investor support.
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