Ride-hailing firm Lyft has kicked off the investor roadshow for its initial public offering (IPO), seeking to woo money managers before its bigger ride-hailing rival Uber makes its stock market splash in April. The two IPOs would represent a watershed for Silicon Valley’s technology unicorns, which for years have snubbed the stock market in favour of raising capital privately. With investors happy to back their frothy valuations.
San Francisco-based Lyft said in a regulatory filing on Monday it aims to raise up to $2 billion in its IPO at a valuation of as much as $23 billion. Reuters first reported the details on Sunday, citing people familiar with the matter. Uber hopes for a valuation of as much as $120 billion, according to sources, although some analysts have pegged it closer to $100 billion based on selected financial figures it has disclosed.