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Lyft hits the road ahead of Uber to lure investors

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Lyft hits the road ahead of Uber to lure investors

Lyft hits the road ahead of Uber to lure investors

Ride-hailing platform Lyft will launch the investor road show for its initial public offering on Monday, seeking to raise as much as $2 billion and to be valued at more than $20 billion, according to people familiar with the matter.

Lisa Bernhard reports.

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Lyft hits the road ahead of Uber to lure investors

Lyft is racing to be the first ride-hailing app to sell shares on the U.S. stock market.

And on Monday it will take its pitch on the road to investors in hopes of raising as much as $2 billion.

Looming over Lyft's initial public offering: larger rival Uber's planned IPO a month later.

But unlike Uber - which has branched into food delivery and freight hauling and is in countries across the globe - Lyft is telling investors its platform is a focused bet on the the core business of ride-hailing in the United States.

The ride-hailing industry, which touted $36.5 billion in sales globally in 2017, is expected to grow rapidly in the coming years, but is fraught with questions about the future of automated driving, regulatory pushback and legal challenges over drivers' pay and benefits.

Lyft hopes its IPO will value the company at $20 billion.

Uber is aiming higher, to $120 billion.

Neither company is yet profitable.




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