logo-loader
Uber Technologies Inc

Lyft is zooming past Uber in the ride-hailing IPO race

Lyft has asked banks for formal pitches to underwrite an IPO next year, as per a Bloomberg report

Lyft car on the street
A recent private funding round valued Lyft at $15.1 billion

The race toward the first ride-hailing initial public offering is revving up as Lyft Inc moves one step ahead of Uber Technologies Inc.

Lyft has asked banks for formal pitches to underwrite an IPO next year, according to a Bloomberg report.

READ: Toyota offers $500mln in funding to Uber as part of driverless car venture, says WSJ

The report notes that this is an important step in the process because banks that underwrite a company’s IPO cannot also underwrite the deal of a direct competitor due to a conflict of interests.

Beating Uber to the listing will also allow Lyft to set the bar for ride-hailing companies rather than having its performance compared with the performance of Uber.

The company is said to be working with Class V Group LLC as it maneuvers through the listing process.

Sources told Bloomberg that Lyft’s offering may take place in March or April of 2019. Rival Uber has also reportedly been aiming for a 2019 IPO.

A private funding round in June valued Lyft at $15.1 billion.

 

Contact Lenore Fedow at [email protected]

Follow her on Twitter@LenoreMariee

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: Arcadia Biosciences makes major progress on its hemp venture...

Arcadia Biosciences Inc (NASDAQ:RKDA) CEO Raj Ketkar tells Proactive the California-based company expects to “significantly scale revenues in 2020” as it reported financial and business results for the second quarter and first half of 2019. Ketkar says the agricultural innovation company made...

1 day, 9 hours ago

2 min read