Lyft expects to raise as much as $2-billion in IPO as it launches investor road show GlobeTechnology
Lyft Inc on Monday kicked off the investor road show for its initial public offering , seeking to woo money managers before its bigger ride-hailing rival Uber Technologies Inc makes its stock market splash in April.
However, the market rally of the last few years, coupled with the desire of some of these startups’ insiders to cash out, is leading to many technology firms, including Airbnb Inc, Slack Technologies Inc and Stripe Inc, to now plan market debuts.San Francisco-based Lyft said in a regulatory filing on Monday it aims to raise up to $2 billion in its IPO at a valuation of as much as $23 billion. Reuters first reported the details on Sunday, citing people familiar with the matter.
In the filing, Lyft said it plans to sell a little more than 30 million class A shares, which have fewer voting rights than class B shares, at between $62 and $68 per share. The company is scheduled to debut on Nasdaq on March 29 under the symbol “LYFT.” Lyft will pitch investors on the simplicity of its business while Uber is expected to play up its more diversified strategy, according to people familiar with the matter.
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