Lyft beats bigger rival Uber in filing for IPO

Lyft heads for initial public offering

Those banks have pitched valuations for the company ranging from about $18 billion to $30 billion, the people said.

Uber came under fire more than a year ago after public scrutiny into the company's workplace culture that many said included sexual harassment and discrimination.

Lyft's confidential filing means the Securities and Exchange Commission can review the material and provide feedback before the company publicly files its S-1, which will likely include detailed financial information, risk factors and other material information for prospective investors.

The company was valued at $15.1bn (£11.8bn) at its latest funding round in June, when investors led by Fidelity Investments poured $600m into the firm.

The company was set up in 2012 by technology entrepreneurs John Zimmer and Logan Green, three years after Travis Kalanick co-founded Uber.

The number of shares on offer and the price range for the proposed offering have not yet been determined, Lyft said. The race between them is one of the most closely watched in Silicon Valley. Uber has already disclosed it will go public next year, but hasn't indicated when.

The SEC filing escalates the company's rivalry with Uber, which has been struggling with scandals. They have also invested in rival electric scooter services.

"Lyft has built a very USA -based rideshare business that has done well", Green said.

Getting a head start with its IPO will allow give Lyft a "first-mover advantage" over Uber and help steer investor expectations about the growth and moneymaking potential of ride-hailing services, said Rohit Kulkarni, managing director of SharesPost, which focuses on privately held companies going public.

Both Uber and Lyft have lost huge sums of money by spending heavily competing with each other for passengers and drivers and entering new markets, although they have recently raised prices and reduced subsidies.

Jeff Zell, an analyst at advisory firm IPO Boutique in Florida, said: "With autonomous cars on the horizon, it is anyone's guess where this sector goes in the future". Its investors include General Motors Corp, which holds a 9 per cent stake in Lyft that it acquired for $500 million in 2016, but GM has wound down its co-operation with Lyft, choosing instead to acquire the autonomous auto company Cruise.

Related News:

  • Chris Watts Blames Kids For Marriage Issues With Shanann Watts | Crime Time

    Chris Watts Blames Kids For Marriage Issues With Shanann Watts | Crime Time

    The Rzuceks called Shanann a "phenomenal" mother who would "do anything for her children" and battled lupus for a long time. Shanann was found three days later in a shallow grave, and the girls were found in oil tanks at their father's job.
    Skoda goes upscale with Scala compact hatchback

    Skoda goes upscale with Scala compact hatchback

    There's also a 86kW/250Nm 1.6-litre turbo-diesel, and a 66kW/145Nm 1.0-litre 3-cylinder running on compressed natural gas. The company also offers 1.0 L G-TEC CNG engine with 90 PS and 145 Nm, mated to 6-speed manual gearbox.
    From dream to nightmare: Afghan 'Little Messi' forced to flee

    From dream to nightmare: Afghan 'Little Messi' forced to flee

    Murtaza's family belongs to the Shiite-denominated Hazara ethnic group, who were targeted by the Sunni Taliban in the attacks. Barcelona forward Messi, a UNICEF goodwill ambassador, met with the youngster after the image emerged 2016.
  • Raptors release former NCAA assist leader after domestic violence charge

    Raptors release former NCAA assist leader after domestic violence charge

    TMZ notes that Felder and the woman got into an argument the night before, resulting in him choking her and leaving visible marks. The identity of the woman has not yet been made public, but multiple sources say that Felder apparently has known her for years.
    Floyd Mayweather to hold exhibition bout with Japanese kickboxer Tenshin Nasukawa

    Floyd Mayweather to hold exhibition bout with Japanese kickboxer Tenshin Nasukawa

    Interestingly, no judges will be in place and being an exhibition match, neither fighter's undefeated record will be on the line. I'm going to use my weapons against him. "It's an exhibition match, but it's giving me a chance to do something different".
    California bar shooting: Sheriff's deputy killed by friendly fire

    California bar shooting: Sheriff's deputy killed by friendly fire

    At the news conference on Friday, authorities painted a clearer picture of the events leading to Ventura County Sheriff's Sgt. But it was a sixth bullet - one that entered Helus' chest and struck his heart - that proved fatal.
  • France braced for 'day of rage' protests

    France braced for 'day of rage' protests

    Macron's decision early in his presidency to slash taxes on France's wealthiest is particularly unpopular with the protesters. An Elysee official has said intelligence suggested that some protesters would come to the capital "to vandalise and to kill".
    Leonard scores 36 points as Raptors beat 76ers 113-102

    Leonard scores 36 points as Raptors beat 76ers 113-102

    Valanciunas was at the heart of it, grabbing an offensive rebound off a Delon Wright miss and putting away his own layup. The Raptors had their season-best eight-game winning streak stopped 106-103 by the Denver Nuggets Monday night.
    Hostages die in foiled Brazil bank robberies

    Hostages die in foiled Brazil bank robberies

    Brazilian authorities say that at least 12 people have been killed in two attempted bank robberies in Milagres downtown area. Secretary of Security delegate André Costa told Brazilian broadcaster Globo that two suspects were arrested.
  • Ukraine latest: USA  plane swoops on Russian Federation  in 'extraordinary flight'

    Ukraine latest: USA plane swoops on Russian Federation in 'extraordinary flight'

    He said the flight was requested by the arms control directorate of the Ukrainian General Staff. "A U.S. This was the first "extraordinary" flight under the Open Skies Treaty since 2014, the Pentagon said.
    'Dumb' and 'lazy': Trump responds to Tillerson criticism

    'Dumb' and 'lazy': Trump responds to Tillerson criticism

    He told Schieffer that he believes Trump acts on instinct rather than impulse, though it sometimes appears otherwise. In some respects, that looks like impulsiveness. "I'd say, 'Here's what we can do, '" Mr Tillerson said.
    Radio stations ban

    Radio stations ban "Baby, It's Cold Outside" in the Me Too era

    Susan Loesser, the daughter of Broadway legend Frank Loesser, who wrote the song, insisted it's innocent. Broadway composer Frank Loesser and his wife and musical partner Lynn are shown, April 26, 1956 in NY .


Most liked

Mohamed Salah becomes fastest Liverpool player to reach 40 Premier League goals
The Reds came from 1-0 behind to secure a 3-1 victory over Burnley at Turf Moor courtesy of goals from James Milner, Roberto Firmino and Xherdan Shaqiri.

Balogun lauds Brighton's fans after derby win
The Nigerian defender has however introduced into the game with the home side already ahead through a Glenn Murray penalty. Brighton are 10th in the table with 21 points while Burnley are second from bottom on nine points.

SpaceX launches cargo, but fails to land rocket
In addition, this should not distract from the fact that the launch itself went by the numbers. Canadarm2 ) to capture the Dragon spacecraft and attach it to the orbiting laboratory.

Hearn: Wilder Must Fight Joshua Next or We Might Miss The Boat
American Wilder has questioned Jack Reiss' count but Reiss says he wanted to give Fury "every opportunity". Fury also confirmed they are aiming to hold the rematch in the summer of 2019.

Tobacco giant Altria makes massive bet on cannabis
There is also a warrant giving Altria the right to purchase additional shares at $14.25 a share over the next four years. A wave of cannabis producers have set up shop in Canada , where recreational use was legalised earlier this year.

New Images Of The Samsung Galaxy S10 Leak
Full details about the Galaxy M20 are expected to make the rounds in the coming weeks as we approach the release date. On the back there's a fingerprint reader and a ring around the central camera, but we don't know what it is.

France girds for weekend protests, fearing more violence
But he too described the videos as "shocking", telling Franceinfo radio: "It's right to be angry, looking at these images". Shops, schools and some other public venues are set to close over fears of clashes between police and the protesters.

Tiger keen to be US playing captain
Only Hale Irwin has played the Presidents Cup as a captain when he performed dual roles for the U.S.in the inaugural 1994 event. The only time in the 24-year Presidents Cup history that the U.S. team has tasted defeat was at Royal Melbourne back in 1998.

White nationalist convicted of murdering protester in Charlottesville
The jury reached their verdict at the end of its first day of deliberations following a trial lasting nearly two weeks. The defendant was known in high school for being fascinated with Nazism and Hitler, a former teacher said.

Southwest Airlines flight skids off runway at Burbank airport
Clapping erupted on the plane after it came to a stop, passengers who were grateful to the pilot for his response said. At the time of the incident visibility at the airport reportedly dropped to one mile amid the heavy rain.

Schools bomb hoaxes: Teenager jailed for nationwide threats
Avonbourne Trust has four academies; Avonwood Primary, Avonbourne College, Harewood College and Avonbourne Sixth Form. The court heard that one of the emails, sent to a special needs school, read: "This is a message to everyone".

John Kelly interviewed by Mueller's team and expected to quit
Washington has been abuzz with rumours about Kelly's job status at various moments during his 16-month tenure. The president began Friday by attacking the soon-to-be published report by special counsel Robert Mueller .

Disappearance of missing backpacker in Auckland being treated as murder
The revelation follows a forensic examination of a hotel where she was last seen on Saturday 1 December with a "male companion". Detectives have since assessed Grace's belongings, which were left at the backpackers where she was staying.

Trump calls ex-secretary of state ‘dumb as a rock’
When the president would say, 'Here's what I want to do, and here's how I want to do it.' And I'd have to say to him 'Mr. In March, Trump fired Tillerson and replaced him with Secretary of State Mike Pompeo .

China's rover blasts off to make history on moon's 'dark side'
It may also carry plant seeds and silkworm eggs, according to Xinhua. The launch of a Mars rover is planned for the mid-2020s.