San Francisco firm reveals figures for first time as it competes with Uber to be first with IPO

Lyft has officially kicked off the roadshow for its initial public offering, saying on Monday it plans to put more than 30m shares up for sale with an anticipated price of between $62 and $68 each.

That would raise more than $2bn for the San Francisco ride-hailing company, pegging its market value at $20bn to $25bn, even though it has not been able to turn a profit yet.

It is the first time that Lyft has revealed how much money it hopes to raise in the IPO, and how much it believes it is worth. Those financial targets could still change as Lyft’s investment bankers gauge demand for the company’s stock leading up to the IPO pricing, which is expected to happen next week.

Lyft and Uber have raced to be first with an IPO, and Lyft’s rival is expected to offer shares in the coming weeks.

Lyft donates $700,000 to Oakland after quietly battling city taxes Read more

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.

Lyft released financial details for the first time this month, reporting $2.2bn in revenue last year, more than double its $1.1bn in revenue in 2017, but also $911m in losses. Lyft has lost nearly $3bn since 2012, but it has brought in more than $5bn in venture capital.



Lyft’s recent market-share gains came as Uber was dogged by reports that drivers accosted passengers and that the company tolerated rampant sexual harassment internally. Those problems ultimately led its co-founder Travis Kalanick to resign. Uber has been working to repair its image under the CEO, Dara Khosrowshahi.



