Lyft Inc on Monday kicked off the investor road show for its initial public offe...
- Lyft Inc on Monday kicked off the investor road show for its initial public offering , seeking to woo money managers before its bigger ride-hailing rival Uber Technologies Inc makes its stock market splash in April.
However, the market rally of the last few years, coupled with the desire of some of these startups’ insiders to cash out, is leading to many technology firms, including Airbnb Inc, Slack Technologies Inc and Stripe Inc, to now plan market debuts. In the filing, Lyft said it plans to sell a little more than 30 million class A shares, which have fewer voting rights than class B shares, at between $62 and $68 per share. The company is scheduled to debut on Nasdaq on March 29 under the symbol “LYFT.”
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Lyft opens up its IPO road show, offers 30 million shares
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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%.
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Uber will officially launch its IPO in April with its first public filingsThe ride-hailing giant follows Lyft, which filed its first public documents earlier this March.
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