Lyft

U.S. ride-hailing company and main Uber competitor Lyft has now been reported to have kicked off the process for a public offering in an effort to beat its main competitor in the public markets with a new report from Bloomberg stating of the company hiring Class V Group LLC to work closely with its management on an IPO process.

According to the report, The timing of the targeted IPO  hasn’t been finalized and is subject to change.

“A variety of factors will determine if and when Lyft goes public, but in the meantime we are focused on building our business, which continues to grow,” Lyft spokeswoman Alexandra LaManna said in a statement. “We don’t comment on rumors or speculation.”

Lyft’s main competitor Uber is also geared for an IPO next year with the company making several moves pointing to preparation for a public offering, It’s recent hiring of a CFO marks as a very key move for a public listing of Uber recently valued at $72 Billion from a $500 million round invested by automobile giant Toyota.  

Tthe ride-hailing giant has raised nearly $5 Billion in total across several rounds marking it as one of the most funded startups on a global scale with a move to the public markets set to provide liquidity for its employees, current shareholders and early investors.

Class V Group hired for this IPO process was notably started by Lise Buyer, Google’s former director of business optimization who also held roles at T.Rowe Price and financial services giant Credit Suisse.

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