July 22, 2017

Lyft Hangs Back From IPO, Despite Strong Markets

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Image Courtesy of Lyft

Brian Roberts, Chief Financial Officer, of ride-hailing service Lyft Inc. The appetite for initial public offerings may be as strong as ever, but Lyft Inc. isn’t exactly racing towards a public filing.

“We will go public when it is right for us,” said Brian Roberts, finance chief of the ride-hailing company, in an interview with CFO Journal. “We need to showcase the path to profitability.”

Lyft raised $600 million last month, which valued the company at $7.5 billion. Mr. Roberts called it a “pre-IPO round” with large investors, including AllianceBernstein , KKR & Co. LP and Canada’s Public Sector Pension Investment Board. Lyft’s existing investors, including General Motors Co. and Chinese e-commerce giant Alibaba, have invested roughly $2.61 billion so far.

San Francisco-based Lyft is considered a “unicorn,” one of several private companies valued at more than $1 billion . Money has flooded the private markets, allowing companies such as Lyft to raise billions without having to list their shares. Given the fame of unicorns such as Lyft rival Uber Technologies Inc. and home-rental service Airbnb Inc., public-market investors have been clamoring for a share of those companies.

But those companies have so far remained aloof from the public exchanges , despite the […]

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The News for the Gig Economy Staff is constantly searching the web for the latest news regarding freelancing and gig platforms to bring them to you in one handy place. All articles with this generic author have been sourced with the original location at the bottom of the piece. We encourage our readers to view the original source of all excerpts. NGE is a project of ARC Online, LLC.

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