As Lyft Inc cruises toward an initial public offering this month, one of the big...
DETROIT - As Lyft Inc cruises toward an initial public offering this month, one of the big winners will be General Motors Co, whose stake in the ride-hailing firm could be worth as much as $1.27 billion.
Some believe the No. 1 U.S. automaker should hold on to it for strategic reasons, while others want the money returned to shareholders through buybacks or a special dividend. With a 180-day lock-up period during which GM cannot sell and the expected April IPO of larger rival Uber Technologies Inc further stoking interest in the ride-hailing sector, the value could subsequently rise.
“If I want to buy Lyft, I’ll go do it myself,” said Scott Schermerhorn, managing principal with Granite Investment Advisors, which owns more than 210,000 GM shares. “Take the proceeds and invest it in something that’s core to their business or give it back to shareholders.” An electric scooter from the ride sharing company Lyft is shown on a downtown sidewalk in San Diego, California, U.S., March 15, 2019. REUTERS/Mike Blake
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Ride-hail firm Lyft launches IPO road show in Uber's shadowLyft Inc on Monday kicked off the investor road show for its initial public offe...
Read more »
Lyft sets terms of IPO to raise up to $2.1 billionLyft Inc. set terms of its initial public offering, confirming the ride-hailing service is looking to raise up to $2.09 billion. The company said it offering 30.77 million Class A shares to the public, at an expected price of $62 to $68 a share. After the IPO, Lyft will have 271.37 Class A shares outstanding and 12.78 million Class B shares, holders of which will have 20 votes and can convert them into one Class A share, which was one vote. The Wall Street Journal originally reported the terms of the IPO late Sunday, which pegs Lyft's valuation at between $21 billion to $23 billion. The Class A shares have been approved to list on the Nasdaq Global Select Market under the ticker symbol "LYFT." The lead underwriters are J.P. Morgan, Credit Suisse and Jefferies. In 2018, Lyft recorded a net loss of $911.3 million, or $43.04 a share, after a loss of $688.3 million, or $35.53 a share, in 2017. Revenue more than doubled to $2.16 billion from $1.06 billion. Lyft is going public at a time that the Renaissance IPO ETF has run up 28% over the past three months and the S&P 500 has gained 11%.
Read more »
Ride-hailing service Lyft launches its IPO roadshow in Uber's shadowLyft expects to price 30.77 million shares between $62 and $68 per share, it said in a filing. That would raise as much as $2 billion in its IPO.
Read more »
Lyft Seeks Valuation of Up to $23 Billion in IPOLyft is pegging its valuation at between $21 billion and $23 billion as the ride-hailing service kicks off the roadshow to market its initial public offering Monday.
Read more »
Lyft opens up its IPO road show, offers 30 million shares
Read more »
Lyft to launch road show for up to $2 billion IPO: sourcesRide-hailing platform Lyft Inc will launch the investor road show for its initia...
Read more »
Lyft will reportedly launch road show for up to $2 billion IPORide-hailing platform Lyft will launch the investor road show for its initial public offering on Monday, March 18.
Read more »
Lyft to Seek Valuation of Up to $23 Billion in Its IPOLyft plans to peg its valuation at between $21 billion and $23 billion when the ride-hailing service kicks off the roadshow to market its initial public offering Monday, according to people familiar with the matter.
Read more »
Investor group calls on Lyft to scrap dual-class share structure plan: FTA group of investors has called on Lyft Inc's board to scrap a proposed dua...
Read more »