Technology: Lyft officially files paperwork for an IPO - PressFrom - Canada
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TechnologyLyft officially files paperwork for an IPO

21:30  06 december  2018
21:30  06 december  2018 Source:   msn.com

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Lyft Inc. has filed confidential paperwork for its initial public offering , a key step that keeps the ride-hailing firm on pace to hit the public market

Lyft officially files paperwork for an IPO . Alex Lockie and Graham Rapier. It's a big step in what's largely considered to be a race to go public between Lyft and its much larger rival Uber, which is also considering an IPO next year but has been coy about the timing of its float.

Lyft officially files paperwork for an IPO© Laura Buckman/Reuters
  • Lyft on Thursday said it had filed a confidential draft registration statement with regulators to go public.
  • It's the first major ride-hailing company to officially launch its initial public offering, beating its much larger competitor Uber.
  • Lyft's offering is widely expected to come in early 2019.

Lyft has officially filed paperwork with the top US stock market regulator to go public, the ride-hailing giant announced Thursday morning.

The confidential draft registration statement, submitted to the Securities and Exchange Commission, is the first step to an initial public offering for Lyft.

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Lyft has officially filed paperwork with the top US stock market regulator to go public , the ride-hailing giant announced Thursday morning. The latter is also considering an IPO next year, but has been coy about the timing of its float. Lyft did not elaborate on pricing, number of shares, or targeted

Lyft has officially filed paperwork with the top US stock market regulator to go public , the ride-hailing giant announced Thursday morning. Lyft on Thursday said it had filed a confidential draft registration statement with regulators to go public . It’s the first major ride-hailing company to officially launch its

It's a big step in what's largely considered to be a race to go public between Lyft and its much larger rival Uber, which is also considering an IPO next year but has been coy about the timing of its float.

Lyft did not elaborate on pricing, number of shares, or targeted valuation. Those specifics will come after the SEC completes its review. The actual offering is likely to come early next year. The company was most recently valued at $15 billion, and a public offering could boost that number.

Read more: Lyft has a 'clear early mover advantage' in beating Uber to an IPO

A Lyft representative did not immediately respond to a request for comment from Business Insider.

The company began lining up banks as recently as October, with Credit Suisse assisting with the deal. Other firms reported to be involved are JPMorgan and Jefferies.

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Lyft has officially filed paperwork with the top US stock market regulator to go public, the ride-hailing giant announced Thursday morning. The confidential draft registration statement, submitted to the Securities and Exchange Commission, is the first step to an initial public offering for Lyft .

Filing this paperwork is among the first official steps private companies take to raise money from public markets in an initial public offering ( IPO ). That’s what Lyft has done here, but the company will have to update its paperwork at least 15 days before soliciting investment during a pre- IPO “road

Not content with its roughly 35% market share in the US, Lyft has also been branching beyond traditional ride hailing as it seeks further growth. Last week, its acquisition of Motivate, the country's largest bike-share operator, officially closed. The purchase adds bikes and scooters in most major cities to its arsenal, now known as Lyft Bikes.

Uber, still the world's largest ride-hailing company by far, is also working toward an IPO next year. Its valuation could easily overshadow Lyft's offering, with a reported target of $120 billion. Unlike Lyft, Uber has self-reported quarterly financials. Most recently, those numbers showed slowing growth and widening losses for the company.

Lyft, which is also not profitable, brought in $563 million in revenue during the third quarter - up from $300 million in the same period a year ago - but with losses increasing to $254 million from $195 million. The company expects to have full-year revenue of $10 billion to $11 billion, sources told Bloomberg.

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Lyft has filed a draft registration statement with the U.S. Securities and Exchange Commission for its long-awaited initial public offering , Lyft wrote in a press release today. However, the exact timing of the offering is unclear. In a confidential filing with the SEC, Lyft did not state the number of shares it

Read more: Lyft officially files paperwork for an IPO . Both Uber and Lyft are deeply unprofitable, with quarterly losses for both companies in the hundreds of millions. (Uber self-reports some financials, while Lyft 's were reported by Bloomberg.) This isn't necessarily a deal breaker. There are plenty of

Despite the differences, so-called "first mover advantage" could be huge for Lyft, one analyst told Business Insider, adding that the company's economics seem to be in better shape than those of Uber's.

IPO valuations can change drastically in the lead-up to a public offering. Snap, for example, was thought to be valued as high as $40 billion ahead of its IPO in 2017, but that number eventually fell by about half, to $20 billion.

Do you work at Lyft or Uber? Have a tip? Contact this reporter via Signal or WhatsApp at +1 (646) 376-6102 using a non-work phone, email at [email protected], or Twitter DM at@g_rapier.You can alsocontact Business Insider securely via SecureDrop.

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