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Ride-hailing firm Lyft Inc files for IPO

2018-12-07 02:03
Ride-hailing service Lyft announced in a press release on Dec. 6, it has filed with the Securities and Exchange Commission (SEC) for an initial public offering (IPO) of its common stock. Lyft beat it’s rival Uber in registering for an IPO, taking the risk of entering a choppy market that will test investor appetites for high-profile but loss-making technology companies. The San Francisco based company confidentially submitted a draft registration statement with the SEC. The IPO is expected to commence after the SEC completes its review process, subject to market and other conditions. The number of shares to be offered and the price range for the proposed offering have not yet been determined. The company was valued at just over $15 billion earlier this year. Reuters reported in October that Lyft had chosen JPMorgan Chase & Co, Credit Suisse, and Jefferies as underwriters for its IPO. The company was set up in 2012 by technology entrepreneurs John Zimmer and Logan Green, 3 years after Travis Kalanick co-founded Uber.