Economy

Lyft zooms past Uber in IPO race

Lyft zooms past Uber in IPO race

The document said Lyft had completed over one billion rides since its inception in 2012 and had bookings a year ago of $8.1 billion. However, the company is also seeing its operating losses grow. Lyft ridership soared to 18.6 million as of December, up from 12.6 million in 2017 and 6.6 million in 2016. For 2018 it represented 58 percent of Lyft's total costs and expenses, which increased overall by 77 percent from the year before, the filing shows.

The company has discussed the possibility of expanding globally but so far has operated only in the United States and Canada. The company, which took something of a slow and steady approach to its growth compared to Uber, has expanded to a almost 40 percent slice of the ride-share market.

Revenues doubled year-over-year to $2.2 billion on a big jump in bookings. Lyft's initial public offering promises roads to everywhere.

Lyft expects to be valued as much as $25 billion in its IPO, up from its current $15 billion valuation, sources have told Reuters. The same multiple would suggest a roughly $135 billion valuation for Uber, whose IPO is likely still several weeks out. Its prospectus, filed Friday, doesn't include the phrases "woke" or "better boyfriend", but it explains how cultivating an image of being attuned to social issues - or at least, more so than Uber - is a business advantage.

At a $25 billion valuation, Lyft would be trading at almost 12 times its annual revenue.

"Of all the things that we've faced over the last six years, this is not something I'm concerned about", he said.

Matt Kennedy, a senior IPO market strategist at Renaissance Capital, which provides institutional research on public offerings, said that it was possible Uber would bite back and that Lyft's growth would decline. It has a 39 percent share of the USA rideshare market, according to a survey cited in the filing.

More news: India, Pakistan exchange heavy border fire

Lyft had 30.7 million riders in more than 300 cities in 2018, and has given more than one billion rides since its inception in 2012, according to the filing.

Lyft does not expect to make much in the near future on its expansion into bike and scooter renting.

But Lyft's 2018 acquisition of Motivate, a bike-sharing network, is not expected to materially increase revenue in the short term, according to the filing.

Regarding future growth, Lyft foresees a world relying nearly entirely on transportation services like ride-sharing, self-driving cars, and short-range electric bikes and scooters.

Lyft's filing says that its co-founders - CEO Logan Green, 35, and President John Zimmer, 34 - will keep significant control of the company after it goes public and "will be able to significantly influence any action requiring the approval of our stockholders", including the election of board members, a merger, asset sales or other major corporate transactions.

"The number of IPOs that we've seen with US$2 billion in revenue and growing at 100 per cent are few and far between", he said.


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