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Lyft files for IPO, says it 'represents freedom at your fingertips'
Lyft is the first US ride-hailing company to be heading to the stock market.
Filing with the US Securities and Exchange Commission on Friday for its initial public offering, Lyft said it plans to "revolutionize transportation" and be the "defining brand of our generation."
It's unclear what the pricing of Lyft's shares will be when it finally does go public. But it's estimated the company will come in at a valuation of as much as $25 billion. Listing on the Nasdaq and using the ticker symbol LYFT, the IPO could arrive as soon as April.
"We believe that our brand represents freedom at your fingertips: freedom from the stresses of car ownership and freedom to do and see more," Lyft wrote in the filing. "We believe that cities should be built for people, not cars."
The move puts Lyft ahead of its rival Uber in the race to Wall Street. Uber's CEO, Dara Khosrowshahi, has publicly said the company is focusing on going public in the second half of 2019, but it's looking like that timeline may be flexible. Uber submitted paperwork to the SEC for an IPO in early December.
While Uber and Lyft offer the same service, hailing a ride with a smartphone app, it's expected each company will point potential investors to different aspects of its business. Uber will reportedly showcase itself as a global company with diverse features such as food delivery and flying cars. Lyft, much smaller, with services only in the US and Canada, is focusing on being a stable company that hasn't experienced the same kind of turmoil as Uber.
"Unsurprisingly, Lyft advocates that its key success factors include founder leadership, culture and values, and a singular focus on transportation," Rohit Kulkarni, senior vice president of research for investment firm Forge. "Arguably, Lyft is taking a jab at Uber's miseries and general lack of exclusive focus on ride-sharing over the past couple of years."
(Score: 3, Insightful) by The Mighty Buzzard on Monday March 04 2019, @01:09PM (2 children)
Are they showing profit though? If they're not, fuck em. I'm not a twentysomething who can afford to call coin toss bets investments anymore.
My rights don't end where your fear begins.
(Score: 2) by Freeman on Monday March 04 2019, @04:46PM (1 child)
As you get older, your retirement portfolio should consist of a lot more stable/secure investments, with much fewer risky investments. Probably the best advice I ever got was to make sure I put money in early and never touch it. My place of employment has a matching program, been here for 10+ years, and have made it a point to put in at least as much as they match. Also, the more you can get in, the earlier, the better. Time is a powerful thing when dealing with money investments.
Joshua 1:9 "Be strong and of a good courage; be not afraid, neither be thou dismayed: for the Lord thy God is with thee"
(Score: 2) by The Mighty Buzzard on Tuesday March 05 2019, @02:24AM
Ed Zackery.
My rights don't end where your fear begins.