Lyft plots route to $2.1bn IPO
By Caoimhe Toman
Date: Tuesday 19 Mar 2019
(Sharecast News) - Ride hailing firm Lyft expects to raise up to $2.1bn in its upcoming initial public offering, it announced on Monday.
The company suggested in an updated filing with the US Securities and Exchange Commission a price range of $62 to $68 per share when it begins trading in the Nasdaq exchange at the end of March, with 30.8m shares on offer and an expected valuation for the company of up to $23bn.
Lyft chief executive Logan Green and vice president John Zimmer together will hold 48.8% of voting power after the offering.
The IPO is expected to be followed by a public listing from its larger rival Uber, which could fetch a market valuation topping $100bn in April.
In its IPO filing, Lyft said its US market share has risen to 39%, from 35% early in 2018, gaining some ground on Uber.
More Silicon Valley companies expected to list public offerings soon are Pinterest and Airbnb.
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