Ride-hailing company Lyft beat bigger rival Uber Technologies in filing for an initial public offering that will test investor appetite for high-profile but loss-making technology companies, reported the Wall Street Journal.
The company, which was last valued at about $15 billion, did not specify the number of shares it was selling or the price range for the offering in a confidential filing with the Securities and Exchange Commission on Thursday.
Lyft, which is much smaller than Uber, is widely expected to beat its ride-hailing rival to a listing, and in doing so would afford public investors their first opportunity to buy into the fast-growing industry.
The IPO will be a test of how such investors value the industry’s players. Uber, Lyft and a host of other ride-hailing firms have received vast amounts of money from private investors at high valuations but still need a lot more capital as they continue to generate big losses.
Full Content: Wall Street Journal
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