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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: 4, Interesting) by bob_super on Monday March 04 2019, @07:06PM (2 children)
They only need automation because they couldn't quite get to "plan A : bankrupt all taxis, limos, and public transport with our VC-subsidized higher-convenience rides, before raising prices and turning a profit".
In the case of Uber, add at least 7 expletives and actionable statements to that sentence.
(Score: 2) by takyon on Monday March 04 2019, @07:17PM (1 child)
Waymo doesn't come with that baggage. They are entering into the market with driverless from the start.
[SIG] 10/28/2017: Soylent Upgrade v14 [soylentnews.org]
(Score: 2) by bob_super on Monday March 04 2019, @07:25PM
I was referring to the Big 2. Waymo didn't rush to break all the rules and VC-subsidize their way into as many markets as possible.
> They are entering into the market with driverless from the start.
Well ... They wish. But they haven't dared ditch the safety guys yet.