Published: Wed, March 20, 2019
Money | By Ralph Mccoy

Lyft's IPO valuation could be as high as $23 billion

Lyft's IPO valuation could be as high as $23 billion

The taxi-hailing app Lyft has begun a week of wooing investors before flotation as it seeks a valuation of between $21 billion and $23 billion.

Uber archrival Lyft hopes to raise as much as $2.1 billion in its IPO later this year.

Lyft is aiming for a market valuation of $20 billion to $25 billion, the people said.

The market rally of the last few years, however, coupled with the desire of some of the startups' insiders to cash out, is leading many technology firms, including Airbnb Inc, Slack Technologies Inc and Stripe Inc, to plan market debuts.

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Companies detailed plans to raise at least $6 billion in global initial public offerings on Monday, more than two thirds of the total announced previously this year, according to data compiled by Bloomberg.

Lyft and Uber have raced to be first with an IPO, and Lyft's rival is expected to offer stock in the coming weeks. Lyft's share of the USA ride-hailing market was 39 percent in December 2018, up from 22 percent in December 2016, according to its filing. In Europe, Volkswagen AG on March 13 cancelled a stock sale of its truck division that could have raised as much as $3 billion, a decision that one head of trading said could "spoil the mood", for other IPO-bound companies in the region. But Logan Green and John Zimmer are asking would-be investors to award them essentially permanent control over the company.

Its executives warned the company could struggle to turn a profit, despite a rapidly growing market share: 39 percent in December 2018, up from 22 percent in December 2016, according to its filing.

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