Lyft reportedly planning to list on Nasdaq in March
The ride-hailing firm plans to launch its roadshow for IPO during the week of March 18th.
On-demand transportation company Lyft Inc is planning to make its debut in the public market around the end of March, a move which could possibly beat rival Uber to the game.
Lyft plans to list its shares on America’s tech-rich Nasdaq, according to a report from The Wall Street Journal on Wednesday. The ride-hailing firm plans to launch its roadshow for its initial public offering (IPO) during the week of March 18th, another news outlet Reuters reported.
Lyft’s valuation is expected to be between US$20 billion and US$25 billion in its IPO, the sources said, but the plan could change due to market conditions.
According to sources, ride-hailing firm Uber still requires a few more weeks for its IPO preparations, which will make Lyft one step ahead of its rival. Both ride-hailing firms are expected to go public this year.
Both Uber and Lyft have declined to comment.
Lyft is focused on the United States (US) market and is available only in the US and Canada and has not deviated much from its core ride-hailing service. Uber on the other hand, is a mammoth in comparison, with operations in about 70 countries, and has its fingers dipped in various businesses including autonomous driving, air taxis, food delivery, and artificial intelligence research, on top of its ride hailing services.
Lyft was last valued at US$15 billion, while Uber’s valuation is more than US$100 billion. A listing for Lyft ahead of Uber would prevent the former from being overshadowed by the latter’s market size.
Lyft had submitted a confidential filing with the United States Securities and Exchange Commission late last year, but there was no mention on the number of shares it expects to offer nor the price range.
Lyft had selected JPMorgan Chase & Co as the lead underwriter of its IPO, together with Credit Suisse Group and Jefferies Group.
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