Ride-hailing startup Lyft hopes to raise up to $2.1 billion in its IPO as it launches a roadshow to drum up investor support, Venturebeat reports. Starting this week, the company will begin meeting directly with large investment funds to answer questions and ease concerns that the company is bleeding massive amounts of red ink, even as ridership increases.
According to its filings with the U.S. Securities and Exchange Commission, the company had revenues of $2.2 billion in 2018, up from $1.05 billion in 2017. But losses also grew sharply to $911 million in 2018, from $688 million in 2017.
The company says in the latest IPO update that it hopes to sell 30.8 million shares of its stock at a price ranging from $62 to $68 per share. Of course, that price could adjust up or down depending on investor reaction this week. Still, it appears Lyft will beat rival Uber out of the IPO gate, with the latter reportedly eyeing an April date.
- Lyft to be valued at $ 18.5 million?