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

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

The two IPOs would represent a watershed for Silicon Valley's technology unicorns, which for years have snubbed the stock market in favour of raising capital privately, with investors happy to back their frothy valuations.

Lyft officially kicked off the road show for its initial public offering, putting 30 million shares up for sale Monday with an anticipated price of between $62 and $68 USA per share.

At the targeted valuation, the San Francisco-based company's offering will be the biggest from a technology upstart since Snap Inc. went public two years ago, and the largest so far this year after the partial US government shutdown put a damper on first-quarter listings.

That would raise more than $2 billion for the San Francisco ride-hailing company, which could be valued between $20 billion and $25 billion U.S. eventually.

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That means its valuation could be somewhere between $21 billion and $23 billion, according to The Wall Street Journal.

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. That is much higher than its $15 billion valuation achieved in the middle of 2018-after Lyft's last round of private market financing. The company will trade on Nasdaq with the ticker symbol LYFT, starting on March 29. Uber has filed confidentially with the SEC and intends to make its listing plans public in April, according to people familiar with the matter.

Lyft's recent market-share gains came as Uber was dogged by reports that drivers accosted passengers and that the company tolerated rampant sexual harassment internally. Lyft sales doubled to $2.2 billion in 2018, but its net loss amounted to $911 million.

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