- General
- February 21, 2019
- 6 minutes read
Lyft Said To Be Planning Nasdaq Debut Next Month
Lyft co-founder and president John Zimmer image : Michael Bloomberg on Flickr On the heels of a report of Lyft founders – …
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| Lyft co-founder and president John Zimmer image : Michael Bloomberg on Flickr
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On the heels of a report of Lyft founders – Logan Green and John Zimmer – looking to create a class of shares that’ll give them majority voting control after an IPO, a Wall Street Jounal report says Lyft is preparing to make its confidential IPO filing public as early as next week and list its shares on the Nasdaq by next month end.
This could mean Lyft, in a race with Uber which has also privately filed for an IPO, would be the first in the ride-hailing industry to test the public markets, and indicate investor interest in this space, one that’ll also soon see the debut of on-demand delivery company Postmates and collaboration software company Slack.
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| Lyft’s John Zimmer (left) and former General Motors president Dan Ammann. Ammann – who now heads GM self-driving unit Cruise – joined Lyft’s board after General Motors invested $500 million in Lyft in early 2016. He stepped down in June 2018 due to conflicting interests surrounding GM Cruise, a self-driving competitor for Lyft, which has partnered with companies like Aptiv and Alphabet’s Waymo for driverless rides. Photograph by Stuart Isett / Fortune Brainstorm Tech
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Lyft, last valued at $15.1 billion, is looking to be valued at between $20 billion to $25 billion for its public debut, according to Reuters. It also says Uber, a much larger company than Lyft, still needs several more weeks for its IPO preparations. Estimates from IPO bankers have pegged a valuation of up to $120 billion – more than four times that of Lyft – on the public market for Uber.
Uber operates in about 70 countries and also has major operations in freight and food deliveries, compared to Lyft which operates only in the U.S. and Canada and is mainly focused on its core ride-hailing service.
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