Smaller Uber rival, ride hailing platform Lyft Inc. would be launching its investor’s road show on Monday (March 18th), as it had been seeking to raise over $2 billion in its IPO and to be valued more than $20 billion despite its guzzling losses, people familiar with the matter told on Sunday, the 17th of March 2019.
Apart from that, the sources had also added that the loss-making Lyft Inc. had been hankering to convince its investors to make larger commitment for its IPO, rather than a wait-and-see move ahead of its much larger rival Uber’s IPO scheduled to be taken place earlier on April.
According to a Lyft Inc. spokesman, Lyft would be meeting their potential investors across United States over a series pre-planned roadshow, before getting listed on Nasdaq Composite at the end of March. Besides, the spokesman had also added that Lyft’s approach would involve a more focused bet on ride-hailing to distinguish itself from rival Uber, as Uber had already diversified its business across a wide variety of verticals including food delivery and freight hauling on different parts of the world.
Although Uber and Lyft had yet to become profitable, Uber had been seeking a valuation up to $120 billion, while analysts were predicting a much softer score closer to $100 billion, given the financial figures Uber had disclosed so far.