Uber rival lyft aims for the stock market with deep red numbers

Uber rival lyft aims for the stock market with deep red numbers

US ride-hailing service provider and uber competitor lyft is heading for its initial public offering with rapid growth, but also with high losses.

The company, which has so far only been active in north america, doubled its revenue last year to $2.16 billion (1.9 billion euros), according to the ride-hailing company’s stock prospectus, which was made public over the weekend. But at the same time, losses rose from 688 million to 911 million dollars within a year. The company is engaged in a price war in the USA with uber.

The published stock exchange prospectus does not yet contain any information on how much money lyft intends to raise in the share placement and what total valuation it is aiming for in the process. According to the silicon-valley industry service "the information", lyft is aiming to raise between one and three billion dollars at a total valuation of between 20 and 25 billion dollars.

The californian company is in a kind of race with uber on the stock exchange. The financial service bloomberg had reported in october, citing insiders, of a possible total valuation of 18 to 30 billion dollars. By comparison, uber’s initial public offering, for which preparations are also in full swing, has been speculated to be valued at up to 120 billion dollars.

Lyft had 18.6 million active users in the final quarter of last year, who completed 178.4 million rides. The company is also smaller than uber in the u.S. Market, but wants to score additional points with investors with the promise of more sustainable business practices.

Among the early backers to benefit from the stock market’s rise in value were the japanese online retailer rakuten, the google parent company alphabet and the carmaker general motors. The two founders logan green (35) and john zimmer (34) want to secure control with special shares, which each have 20 voting rights, while other investors only have one vote per share certificate.


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