Lyft seeks to raise some US$2b in share offering

NEW YORK, March 18 ― Lyft said today it would seek to raise some US$2 billion (RM8.1 billion) in its public share offering, in the first major listing in the ride-hailing sector.

The San Francisco startup could be valued at more than US$20 billion under the terms of the offering unveiled today, setting a price per share of between US$62 and US$68.

Lyft’s listing comes ahead of a larger offering expected from Uber, which has a valuation of some US$70 billion.

According to documents filed earlier, Lyft lost US$911 million on US$2.2 billion in 2018 revenues. The documents show revenues grew sharply from US$343 million in 2016, but losses widened as well.

Shares will be traded on the Nasdaq under the ticker symbol “LYFT.” ― AFP