Ride-hailing platform Lyft to launch investor road show for IPO

This article is more than 12 months old

Mar 18, 2019 06:00 am

Ride-hailing platform Lyft will launch the investor road show for its initial public offering (IPO) today, seeking to raise as much as US$2 billion (S$2.7 billion) and to be valued at more than US$20 billion, said sources.

It aims to get investors to make large commitments to its IPO, rather than hold out for its larger rival Uber Technologies, which is planning to launch its IPO next month.

Lyft will meet with investors across the US before pricing the IPO and listing on the Nasdaq at the end of the month.

It will be pitching itself as a more focused bet on ride-hailing to differentiate itself from Uber, which has diversified to areas such as food delivery and expanded around the world. Uber is seeking a valuation as high as US$120 billion at its IPO.

Neither Uber nor Lyft are profitable. Lyft's IPO will provide a boost as it continues to subsidise rides with promotions. - REUTERS