Lyft Filing Could Kick Off Cavalcade of High-Profile Tech IPOs
Now, the smaller of the two biggest U.S. ride-hailing companies could be the first high-profile unicorn in a herd of listings this year, if it files its initial public offering this week as expected. Just as Lyft beat Uber Technologies Inc. to the idea that regular people could use their cars to charge for rides, it now looks set to beat Uber to the public markets.
Lyft announced on Dec. 6 that it had privately filed with the Securities and Exchange Commission, the same day that Uber filed confidentially, people familiar with the matter have said. A wave of IPO news has followed, with messaging startup Slack Technologies Inc., image company Pinterest Inc.and food-delivery company Postmates Inc. all moving closer to listings of their own.
Valued at $15.1 billion on the private markets in its last funding round, Lyft is aiming for an IPO valuation of $20 billion to $25 billion, a person familiar with the matter has said. While limited financial information on Lyft has been reported, its filing will include the first release of its full-year numbers, as well as other key metrics that the San Francisco-based startup hopes will entice potential public market investors. Details on the number of shares to be offered and the intended price range likely won’t come until a later filing.