Published: Wed, March 20, 2019
Markets | By Otis Pena

Lyft expects to raise as much as $2 billion in IPO

Lyft expects to raise as much as $2 billion in IPO

If all goes according to Lyft's plan, the tech giant is poised to become one of the largest US -listed new tech offerings since Alibaba Group went public in 2014.

The filing also sheds light on how much control Lyft's cofounders, Logan Green and John Zimmer, will have after the IPO.

The company will offer a little more than 30 million shares, and the IPO range is now set between $62 and $68 a share. That would raise more than $2 billion for the San Francisco ride-hailing company, which could be valued between $20 billion and $25 billion eventually.

The road show will move to the U.S. Midwest and West Coast next week.

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Uber is hoping its larger ride-hailing service will justify a market value as high as $120bn after its IPO is completed later this spring, according to the Wall Street Journal.

Uber's listing is expected to be the biggest of the year, and could value the company at as much as $120 billion, people familiar with its plans have said previously.

Shares will be traded on the Nasdaq under the ticker symbol "LYFT". At the top of that range and including a potential over allotment of shares to investors the market valuation would reach $19.6 billion, based on the total numbers of shares outstanding after the IPO as detailed in the filing. "This is highly risky for long-horizon investors and for the integrity of the capital markets", Ken Bertsch, executive director of the Council of Institutional Investors, said in a statement earlier this month. It posted a loss of $911 million in 2018 versus $688 million in 2017.

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