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Home / Business / Raise the road show for up to $ 2 billion IPO: sources

Raise the road show for up to $ 2 billion IPO: sources



REUTERS: Ride-hailing platform Lyft Inc will launch the investor road show for its first public offering on Monday, which wants to raise as much as $ 2 billion and be valued at more than $ 20 billion, according to people familiar with the case.

Lyft will seek to convince investors to make huge commitments to its IPO, instead of stating that it is the major competitor Uber Technologies Inc, who plans to launch its own public offering next month, the sources said. 19659003] Advertisement

Lifts meet with investors across the United States before pricing the listing and listing on Nasdaq at the end of the month, sources said. It's going to be a more focused effort on riding hailing to separate from Uber, which has spread to areas such as food delivery and shipping and expanded around the world, the sources said.

Uber is seeking a valuation as high as $ 1

20 billion on its stock exchange listing, although some analysts have linked it to nearly $ 100 billion based on selected financial figures it has revealed. Neither Uber nor Lyft are profitable.

Lyft's IPO will provide a financing boost as it continues to subsidize rides with campaigns to attract passengers.

Lyft refused to comment.

After a quiet start to the year, technology companies are facing public listings as public stock markets fluctuate near historical heights, but remain vulnerable to geopolitical concerns, including tensions over trade agreements and a slowdown in economies. including Europe and China.

Other Silicon Valley unicorns – start-up companies with at least $ 1 billion worth of valuables – including the business announcement company Slack Technologies Inc and the Image Inc. Pinterest Inc., are waiting in the wings to become public later in 2019, sources have said.

FIRST OF ITS CHILD

Lifting's IPO will mark the first time a riding-hailing company has debuted in US public markets. Lift launched in 2012 and led by the founders, Logan Green and John Zimmer.

The equestrian business, which spied $ 36.5 billion globally in 2017, is expected to grow rapidly over the next few years, but is full of questions about the future of automated driving, regulatory recall and legal challenges over driver's pay and benefits.

Lift will emphasize to investors its rapid growth in the US and its relatively simple business model, which focuses on selling cars, bicycles and scooters, has reported Reuters.

In its IPO filing, Lyft said that the US market share has increased to 39 percent, from 35 percent in early 2018, and gained some ground on long-dominant Uber. Unlike Uber, Lyft only operates in North America.

The lifting turnover was $ 2.16 billion in 2018, double the year before and 528 percent from $ 343 million in 2016. But Lyft had a loss of $ 911 million in 2018, climbed from US $ 688 million in 2017 and US $ 682 million in 2016, according to its IPO filing.

The losses could continue to mount, warned cautiously, as it continues to invest and look at wider international expansion, and it may be forced to increase driver salaries.

Last year's revenue was $ 11.3 billion, while the gross order from rides was US $ 50 billion. But the company lost US $ 3.3 billion, excluding gains from the sale of its foreign business units in Russia and Southeast Asia.

SoftBank's Vision Fund and Toyota Motor Corp are part of a consortium of investors talking about investing $ 1 billion in Uber's self-propelled car unit, Reuters reported Wednesday. Taking on large investors that will affect a key business is an unusual feature of a company so close to a stock exchange listing.

(Report by Carl O & # 39; Donnell and Joshua Franklin in New York, additional reporting by Heather Somerville in San Francisco; editing by Leslie Adler)


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