Economy

Lyft IPO Beats Uber to the Punch

Lyft IPO Beats Uber to the Punch

It debuts on the Nasdaq this morning, sporting the ingenious ticker symbol of...wait for it... "In those early days we were told we were insane to think people would ride in each others' personal vehicles". Uber, a global logistics and transportation company most recently valued at $76 billion in the private market, is seeking a valuation as high as $120 billion, although some analysts have pegged its value closer to $100 billion based on selected financial figures it has disclosed.

It may be well behind Uber when it comes to market share, but Lyft can now boast that it has become the first publicly traded ride-hailing firm.

"Without question, investors are looking beyond operating losses to the potential upside", in the ride-hailing industry, said Alejandro Ortiz, an analyst for SharesPost. The top-of-the-range hailing company is now valued at$24.3 billion after raising more than it had initially planned to do with investors overlooking uncertainty over its journey to becoming a profitable company.

Lyft is planning to get funds of $2 billion by going public. Uber is expected to make an even bigger splash when it completes its IPO later this year.

It's clear that road bumps such as driver protests during its IPO preparations, as well as the hoopla around Uber, hasn't deterred investors. "Business results and societal impact are not only linked, but they can and do feed off each other".

More news: ‘Game Of Thrones’: Sansa And Arya Start ‘Calling Out Jon’

Lyft lost $911 million past year. The investments will include free or discounted rides for medical patients and low-income seniors and developing infrastructure for bikes, scooters and transit.

The IPO represents a watershed moment for ride hailing, an industry hatched from the rise of smartphones.

But while Lyft is one of the biggest ride-sharing app companies, it isn't the only one. Lyft's offering is the biggest in the United States by a tech startup since Snap went public two years ago and is also the largest so far this year, signalling that IPOs are rebounding from the partial federal government shutdown that dampened first-quarter listings. Lyft drivers, meanwhile, "definitely aren't getting rich", Quartz noted.

"This is a company that has negative cash flow, and but it's spending to juice revenue". It owns 18,544,716 class A shares and has a 6.5 percent stake in the company. "Lyft launched in 2012, and has embarked on a mission to improve lives with the best transportation, and ride-by-ride, you are helping to reimagine how our cities can be built around people, not cars". They are also in talks with Middle East's Careem.

Signage for Lyft is seen displayed at the NASDAQ MarketSite in Times Square in celebration of its initial public offering (IPO) on the NASDAQ Stock Market in New York on March 29, 2019. It's the first of several tech IPOs expected this year.


  • Samsung Wants You To Trust The Galaxy Fold

    Samsung Wants You To Trust The Galaxy Fold

    The Samsung Galaxy Tab A 8 .0 is backed by a 4,300 mAh battery which promises to offer 11 of web browsing on a single charge. The video also highlights the phone's bending capabilities as well as durability of Infinity Flex Display.
    Macron praises ties between France, China

    Macron praises ties between France, China

    Ang also pointed out that ongoing tensions between Beijing and Washington may encourage improved ties between China and Europe. He also called for joint efforts to advance the negotiations on a China-European Union (EU) investment agreement.
    Xiaomi Shows Off 100W Supercharger; Out-Performs OPPO SuperVOOC Fast Charger

    Xiaomi Shows Off 100W Supercharger; Out-Performs OPPO SuperVOOC Fast Charger

    Super Charge Turbo is new charging propriety from Xiaomi , which utilizes 100W power to fast charge your smartphone . Xiaomi will be revealing complete details about the Super Charge Turbo technology tomorrow.
  • Palestinians mass at Gaza border to mark protest anniversary

    Palestinians mass at Gaza border to mark protest anniversary

    The casualties among unarmed Palestinians and clearly-marked medics have "raised concerns" about Israel's use of excessive force. Hamas blames the blockade and punitive measures by its West Bank-based Palestinian Authority for worsening the living conditions.
    ‘The View’ unloads on decision to drop all charges against Jussie Smollett

    ‘The View’ unloads on decision to drop all charges against Jussie Smollett

    Henson added , "I'm not going to jump on clickbait just because someone says something derogatory about a person I know and love". Authorities alleged that Smollett, who is black and gay, knew the men and arranged for them to pretend to attack him.
    Huawei set to launch new smartwatch alongside P30 and P30 Pro

    Huawei set to launch new smartwatch alongside P30 and P30 Pro

    The P30 Pro is available from €999 in 8GB/128GB, 256GB and 512GB options - so no excuses for not filling it up with photos. This has means you get an RYYB sensor , which Huawei says can yield a maximum ISO rating of up to 409,600 on the P30 Pro .
  • Boeing 737 MAX stall-prevention system reportedly activated in Ethiopian crash

    Boeing 737 MAX stall-prevention system reportedly activated in Ethiopian crash

    American Airlines' chief Boeing 737 pilot Roddy Guthrie told ABC News the proposed changes amount to "significant enhancements". Boeing on Wednesday said changes to the MCAS software would help "reduce the crew's workload in non-normal flight situations".
    Barty endures delays, ousts Kontaveit to reach Miami final

    Barty endures delays, ousts Kontaveit to reach Miami final

    I just couldn't serve from my part. "Today's match, I can be really happy with so I hope it's going to give me some confidence". The Spaniard led Isner 3-0 with two mini-breaks in the second set breaker, but Isner ran off seven of the next nine points.
    Mick Schumacher to test with Ferrari and Alfa Romeo

    Mick Schumacher to test with Ferrari and Alfa Romeo

    Mick Schumacher will move closer to emulating his father when he drives a Ferrari Formula One auto in an official test next week. While this also coincides with the F1 Sakhir Grand Prix, it's the days following the race weekend in which we're interested.
  • Chicago Plans To Bill Jussie Smollett For Investigation

    Chicago Plans To Bill Jussie Smollett For Investigation

    Patricia Brown Holmes said Smollett's defense team supports "the court files being preserved" in the now-sealed case. Tina Glandian , one of his defence lawyers, told NBC News on Thursday that she was not concerned by the review.
    Borderlands 3 gets its first trailer at PAX East

    Borderlands 3 gets its first trailer at PAX East

    The remaster will bring the game to the PlayStation 4, Xbox One, and PC with support for Ultra High Definition graphics and HDR. Borderlands: The Handsome Collection and Borderlands 2 aren't the only Borderlands games getting 4K makeovers next week.
    'Cancel Brexit' petition surpasses 4 million signatures to become most popular ever

    'Cancel Brexit' petition surpasses 4 million signatures to become most popular ever

    Parliament may hold a series of votes this week to determine what Brexit proposals, if any, could command majority support. He added: "This is not about the Prime Minister or any other individual, this is about the future of our country".