Sunday, 16 December, 2018

Lyft overtakes Uber in race for multibillion-dollar listing

Lyft To Get A Lift From IPO Lyft heads for initial public offering
Priscilla Morrison | 08 December, 2018, 19:13

John Zimmer, Lyft's co-founder, in 2016 said he expected a fully autonomous fleet to provide most of the company's rides within five years.

Lyft's IPO is expected to commence after the SEC completes its review process, it said in a press release on December 6.

Lyft was valued at $15 billion after raising money from investors in the private markets, a figure that it probably will seek to increase in its IPO. Uber is aiming for an IPO in the first half of the year, people familiar with the matter have said.

Uber came under fire more than a year ago after public scrutiny into the company's workplace culture that many said included sexual harassment and discrimination. The race between them is one of the most closely watched in Silicon Valley.

Lyft is inching closer to an initial public offering.

A provision included in an investment by SoftBank into Uber requires the company to file for an IPO by September 30 or the company risks allowing restrictions on shareholder stock transfers to expire.

More news: Liverpool - Premier League - 8 December 2018

Lyft, founded in 2012, has been building up its executive ranks.

Getting a head start with its IPO will allow give Lyft a "first-mover advantage" over Uber and help steer investor expectations about the growth and moneymaking potential of ride-hailing services, said Rohit Kulkarni, managing director of SharesPost, which focuses on privately held companies going public. The company operates in the United States and Canada, while Uber is in much of the world and has other businesses including freight-hailing and food delivery.

The two companies have taken hits to their bottom lines in order to attract drivers and enter new markets, although they have made strides in recent years in narrowing their losses.

"With autonomous cars on the horizon, it is anyone's guess where this sector goes in the future. The good news for ride-sharing is that it's a market that has shown to be penetrable", said Jeff Zell, senior research analyst and partner at IPO Boutique in Florida.

It remains the smaller company, with a limited global presence. Both companies face legal battles with drivers over their classification.

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