Lyft’s IPO Date Puts It Ahead of Uber in the Race to Go Public
It looks like Lyft will beat Uber in the ride-sharing startups’ race to an IPO this year. The Wall Street Journal reports that Lyft will make its filing public as early as next week, and the IPO could be carried out by the end of March. The New York Times predicts Lyft will start trading in early April.
Lyft plans to list on the Nasdaq. Having raised $4.9 billion in venture capital, the company expects to be valued at $20 billion to $25 billion. Getting to the IPO finish line first is a strategic move to avoid being overshadowed by the much-bigger Uber.
Reuters reports Lyft’s IPO roadshow will begin during the week of March 18. Uber still needs a few more weeks to prepare, according to sources cited in the report. Uber has raised $24.2 billion and could seek a valuation of as much as $120 billion in its eventual IPO. While Lyft operates only in the U.S. and Canada, Uber operates in more than 60 countries around the world.
Lyft confidentially filed its IPO paperwork with the Securities and Exchange Commission in October, followed by Uber in December. While the government shutdown delayed the process somewhat, things now seem to be back on track. Sources told WSJ that since the shutdown ended, the SEC has been plowing through IPO filings in record time.