The competition between Lyft and Uber goes beyond competing for users and drivers, it has also extended to the boardrooms where leaders of both company are hatching plans to be ahead of the other. Lyft has a very ambitious one – to go public through an IPO ahead of Uber.
This week, foreign media monitored by TechCity reported Lyft Inc. has filed confidential paperwork for an initial public offering, a key step that keeps the ride-hailing firm on pace to hit the public market early next year.
Lyft’s planned IPO is one of the most anticipated Silicon Valley debuts in recent years. The filing, which was expected, would suggest Lyft remains a step ahead of rival Uber Technologies Inc. as both work toward IPOs in 2019.
Lyft said it had confidentially filed to go public, putting it on pace for a listing in the first quarter of next year. Uber’s not likely to arrive on a stock exchange until the middle of next year at the earliest.
“The number of shares to be offered and the price range for the proposed offering have not yet been determined. The initial public offering is expected to commence after the SEC completes its review process, subject to market and other conditions,” Lyft said in a statement.
My edging Uber in the race to the public market, experts said Lyft made a smart move.
“Lyft will have first crack at public market investors who feel they can’t invest in both U.S. ride-hailing companies. If you’re an institutional investor who is eager — after years of watching two meteoric privately held startups amass value — to get exposure to U.S. ride-hailing, there will be a few months during which you will have one option and one option only: Lyft,” recode said in its report on the move.
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