Uber Schemes to Steal Lyft’s Thunder in IPO Race
Uber is scheming to steal the thunder from rival Lyft’s upcoming IPO. | Source: REUTERS / Lucy Nicholson
Ride-sharing leader Uber is about to steal the thunder of its nearest competitor. Reuters reports that Uber is set to file its S-1 document with the SEC in April followed by a road-show to court big investors, which will set in motion plans to debut in the public market. The filing would come on the heels of an IPO by the Silicon Valley darling’s chief rival Lyft, the latter of which is likely to occur at the end of this month, giving investors the opportunity to spread the wealth across both companies.
The race to the public markets heated up after both companies filed private pre-ICO documents with U.S. regulators at year-end 2018. Uber is fetching a larger valuation of between $100 billion and $120 billion versus its unicorn status of $76 billion. Lyft is expected to boast a valuation of between $20 billion and $25 billion, up as much as $10 billion on the high-end of the range from its current size.
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Neither company is profitable, however, with 2018 net losses of $3.3 billion and $0.9 billion for Uber and Lyft, respectively. On the revenue front, Uber generated $11.3 billion last year versus its smaller competitor’s $2.2 billion.