Lyft dives on rife speculation Uber may file for IPO very soon
Uber’s offering is expected to be the largest US IPO in 2019 and among the 10 largest in history
New York— Lyft shares took yet another nosedive on Wednesday amid reports that larger rival Uber could be filing for an initial public offering (IPO) as soon as Thursday. The shares are plumbing record lows, down as much as 7.7% in New York on Wednesday. Uber’s offering is expected to be the largest US IPO in 2019 and among the 10 largest in history, and a person familiar with the matter said the company is seeking to raise about $10bn. That compares with the $2.3bn raised when Lyft went public late in March. Lyft had opened its trading in March amid lots of hype, largely due to being the only publicly listed ride-sharing company. However, the shares have dropped nearly 12% since then, and now with Uber joining the fray, demand for Lyft stock is bound to take a hit. “Given the substantial market opportunity and investor interest in the secular ride-sharing opportunity, Lyft will likely benefit from being the only direct publicly traded play on the ride-sharing market,” Susquehanna a...
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