Lyft confirmed its plans to go public today, becoming the first ridesharing company to launch an initial public offering and beating its leading competitor in the field, Uber, to the punch.
Various media reports say Lyft will launch its IPO on March 18, with its expected valuation at between $20 and $25 billion. According to Reuters, the matured startup’s “roadshow,” which is a promotional tour to speak with potential investors, is expected to last two weeks and their plans could change due to market conditions.
Dow Jones reported that Lyft could file publicly as soon as next week. It will list on the NASDAQ exchange.
To help Lyft successfully launch its IPO, it has enlisted bankers J.P. Morgan Chase, Jefferies Financial Group, Inc. and Credit Suisse Group AG, according to a report from Bloomberg.
Lyft has become a big success story in a crowded startup market with participants looking forward to unicorn and/or public status. It’s ridesharing app gave the wildly popular Uber app a stiff challenge as the latter struggled with bad press last year. It has also launched a motorized scooter service that has also seen stunning growth over the past year. That’s despite Uber still holding 69% of the ridesharing market share, with Lyft holding just 29%. But Lyft has grown 3% in the last year while Uber has slipped 2%, according to consumer analytics firm Second Measure.
Uber itself plans to launch its own IPO later this year.