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Lyft files confidential plans for an IPO

Lyft has taken a long-expected step toward going public. The ride-hailing service filed a confidential IPO p...

Posted: Dec 6, 2018 2:06 PM
Updated: Dec 6, 2018 2:07 PM

Lyft has taken a long-expected step toward going public. The ride-hailing service filed a confidential IPO proposal to the SEC Thursday.

The company said it has not yet made key decisions about the number of shares it will offer or the price of its stock. If market conditions are right, Lyft said it anticipates an IPO after the SEC competes a review process.

Banking, finance and investments

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Business, economy and trade

Car sharing

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Financial markets and investing

Financing and stock offering

Ground transportation

Initial public offering

Lyft

Securities trading

Sharing and on-demand economy

Stock markets

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Uber

Lyft's most recent round of private investments valued the company at $15 billion. Lyft said in June its most recent funding round, led by Fidelity, more than doubled the estimated value of the company from just 14 months earlier.

Lyft and competitor Uber are two of the largest and fastest growing privately-held companies in the country. Their IPOs have been anticipated for years.

Uber has plans to go public as well sometime in 2019. According to one report in the Wall Street Journal, Wall Street banks estimate Uber's IPO could fetch $120 million. Uber's most recent round of investments value it at $70 billion.

As a private company, Lyft has not disclosed its financial results. The 2012 JOBS Act allows companies with less than $1 billion in annual revenue to start the IPO process without making public disclosures, although it will have to release results as it prepares to meet with investors to discuss the actual sale of shares, a process known as a "roadshow."

Uber has already started releasing its financial results despite being a private company. It lost $1.1 billion in the three months ending in September, on revenue of $3 billion.

The ride-hailing companies need to go public to build up capital while losses mount and they continue to develop expensive self-driving car technology. The potential to shake up the traditional global auto industry makes them both attractive to potential investors.

General Motors made a $500 million investment in Lyft in January 2016, when it was a much smaller company. Uber recently announced a $500 million investment from Toyota. Both of those automakers are announcing cost cuts to raise the cash they need to develop self-driving and electric cars and to compete with the ride-sharing services.

The market has been extremely volatile lately, making now a difficult time for IPOs. For example, Tencent Music, the leading music streaming service in China, recently announced plans for a US IPO to raise as much as $1.2 billion, but that was a fraction of the $2 billion it had earlier hoped to raise. And stocks are in the midst of their worst fourth quarter since the meltdown in financial markets a decade ago.

But the Lyft filing doesn't lock it into any specific timing if the market gets too rough. It just allows Lyft to get the process going so it's ready once it decides it is the right time for an offering.

Mississippi Coronavirus Cases

Data is updated nightly.

Cases: 156868

Reported Deaths: 3851
CountyCasesDeaths
DeSoto10409104
Hinds10279202
Harrison7313112
Jackson6566128
Rankin5887106
Lee529496
Madison5014107
Forrest389786
Jones369088
Lauderdale3594147
Lafayette338253
Washington3246108
Lamar297850
Oktibbeha252362
Lowndes247064
Bolivar244384
Panola232653
Neshoba2249121
Marshall222851
Leflore208591
Monroe206778
Pontotoc204231
Lincoln197366
Sunflower192655
Warren180258
Tate177751
Union171926
Copiah167940
Pike165359
Yazoo160140
Scott159430
Itawamba157635
Alcorn155628
Pearl River155368
Coahoma152743
Simpson152653
Prentiss151331
Adams144752
Grenada143345
Leake139744
Holmes133461
Covington128639
Tippah128430
George128325
Winston125526
Hancock124341
Wayne121323
Marion119446
Attala119334
Tishomingo112443
Chickasaw109432
Newton108229
Tallahatchie98127
Clay94727
Clarke93653
Jasper85223
Stone80615
Calhoun78713
Walthall77629
Montgomery76926
Carroll74115
Lawrence73814
Smith73216
Yalobusha73128
Noxubee72717
Perry68326
Tunica62619
Greene61522
Jefferson Davis59017
Claiborne58916
Amite56615
Humphreys54719
Benton50018
Quitman5007
Webster46714
Kemper45018
Wilkinson40522
Jefferson37112
Choctaw3617
Franklin3555
Sharkey32417
Issaquena1204
Unassigned00

Alabama Coronavirus Cases

Cases: 252900

Reported Deaths: 3638
CountyCasesDeaths
Jefferson33526501
Mobile20103365
Madison13723151
Tuscaloosa13366154
Montgomery12552236
Shelby1079677
Baldwin9051137
Lee787266
Morgan696451
Calhoun6598121
Etowah656167
Marshall647357
Houston541038
DeKalb498137
Cullman462443
St. Clair441956
Limestone440445
Lauderdale426754
Elmore421164
Walker3735111
Talladega370157
Jackson340423
Colbert332042
Blount306140
Autauga281842
Franklin257434
Coffee250015
Dale239054
Dallas231532
Chilton228939
Russell22663
Covington225034
Escambia202331
Tallapoosa187291
Chambers182750
Pike161514
Clarke161019
Marion144736
Winston137523
Lawrence133436
Pickens126518
Geneva12508
Marengo123424
Bibb120418
Barbour118911
Butler118642
Randolph105522
Cherokee105124
Hale98131
Fayette94616
Washington93219
Clay92824
Henry8896
Monroe83011
Lowndes80929
Cleburne78814
Macon75522
Crenshaw72230
Bullock70119
Lamar7018
Conecuh70014
Perry6916
Wilcox64818
Sumter58622
Greene43518
Choctaw43114
Coosa3664
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