Lyft beats bigger rival Uber in filing for IPO

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:

08 December 2018

Virat Kohli booed by Australian fans; Head, Ponting critical of crowd behaviour
I thought Ashwin bowled really well, mixed up his pace a lot, bowled a few different variations with side spin and over spin. The offspinner took three wickets - all of them left-handed batsmen - while keeping one end tight during a 22-over spell.

08 December 2018

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.

08 December 2018

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.
China’s trade surplus with USA reaches record level
On Thursday and again on Friday , Trump tweeted that talks with China are going well. It would also begin buying products from USA farmers "immediately", the U.S. said.

08 December 2018

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 .

08 December 2018

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.
08 December 2018

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.

08 December 2018

Fiat plans to reopen idled Detroit engine plant to build new Jeep
Italian automaker Fiat had started buying up shares in Chrysler in 2009 , when the American auto company filed for bankruptcy. Fiat told the WSJ that this focus was due to consumer interest, which has shifted away from smaller passenger cars.

08 December 2018

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.
08 December 2018

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.

08 December 2018

OneBlood needs donor for girl with extremely rare blood type
To their dismay, the family learned that they all weren't a match. "And that's when it became more of an alert", Mughal said. But her father hopes to one day explain to her how a group of people they did not know helped save her life .

08 December 2018

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.