Lyft

On the heels of Uber’s potential IPO valuation being reportedly pegged at $120 billion, It’s competitor Lyft has now been said to have selected investment firms JPMorgan and Credit Suisse for its IPO scheduled to take place next year which could value the company at over $15 billion.

The Wall Street Journal reports of getting this info from a source which declined to be identified as Lyft IPO plans still remain private.

Earlier reports had stated of JPMorgan being the lead runner for a Lyft IPO after rivals Morgan Stanley and Goldman Sachs decided not to pursue the role out of loyalty to another big IPO hopeful and Lyft rival Uber.

As per the Wall Street Journal, Lyft’s 3rd quarter revenues which are not made public grew to $563 million as compared to $300 million in the previous year although losses also grew to $254 million. Both Uber and Lyft have taken on huge losses even as revenues also grow heavily in relation to expansion and subsidizing costs.

Lyft which was launched in 2012 stands as the leading ride-hailing player in the U.S. after Uber. The San Francisco based company has raised over $4.9 billion in funding and was valued at $15.1 billion from a $600 million round this July.

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