Stephen Lam/Reuters
- Lyft filed an update to its IPO prospectus on Monday, targeting a $21 billion-$23 billion valuation when shares price as early next week.
- Executives and bankers will begin the company’s roadshow this week with stops in Los Angeles, San Francisco, New York, Baltimore, Chicago and more.
- The company is expected to pitch its singular ride-hailing focus to investors, as opposed to Uber’s multi-pronged bet on everything from self-driving cars to food delivery.
Lyft is going full-steam-ahead on its initial public offering.
In an updated filing with regulators on Monday, the US ride-hailing company said it will sell 35 million shares for a price between $62 and $68 each, resulting in a valuation of up to $23 billion.
The Lyft executives and bankers working to underwrite the offering will set out on a roadshow ahead of the stock’s pricing, which is expected next Thursday. They’ll head to both coasts, as well is the Midwest, as it seeks to court investors across the country.
Here’s the schedule seen by Business Insider and confirmed by two investors:
- Monday and Tuesday, March 18 & 19: New York City meetings with small groups
- Wednesday, March 20: Boston
- Thursday, March 21: Lunch with a larger group in New York City at the luxurious St. Regis hotel.
- Friday, March 22: Baltimore
- Monday, March 25: San Francisco, including lunch at the Omni Hotel
- Tuesday, March 26: Los Angeles and Kansas City
- Wednesday, March 27: Chicago and Minneapolis
- Thursday, March 28: Los Angeles
Shares are expected to price on Thursday, March 28, one of the last major events prior to the stock trading on the Nasdaq exchange under the ticker LYFT.
The company is expected to pitch investors on its singular ride-hailing product, according to a report in the Wall Street Journal, as opposed to Uber’s multi-pronged bet on self-driving cars, food delivery, bikes and more.
To be sure, Lyft does have investments in things other than taxi rides, most notably its acquisition of Motivate, which runs bike rental systems in New York, Chicago, San Francisco and more. Still, the company’s much smaller footprint, limited to the US and Canada presently, is much smaller than Uber’s global dominance.
Read more: Lyft just made a big hire that confirms the company’s ambitions extend well beyond cars
Lyft has also branded itself in recent years as a more driver-friendly alternative to Uber. In its first S-1 filing earlier in March, the company said it got a big boost from the "Delete Uber" campaign, which surged across social media amid Uber’s struggles under its founder and former CEO Travis Kalanick.
That reputation has come under fire lately, however, as the company fights new minimum-wage rules in New York City— the US’s largest and most lucrative ride-hailing market. Lyft told a judge that the rules unfairly benefited Uber and that demand had dropped as prices increased to cover the higher payments.
Lyft’s IPO will provide a funding boost as it continues to subsidize rides with promotions to attract passengers and compete with Uber. The windfall from the offering will also help finance investments in areas such as autonomous driving, sources told the Wall Street Journal.
Underwriters working on the IPO include J.P. Morgan, Credit Suisse Jefferies, UBS, Stifel, Nicolaus & Company, RBC Capital Markets, LLC and KeyBanc.
More on Lyft’s IPO:
- Lyft is seeking a valuation of up to $23 billion as it embarks on its IPO road show
- 3 unanswered questions from Lyft’s long-awaited IPO filing
- Lyft is using a controversial new stock structure in its IPO that will let its founders keep ‘significant influence’ over the company
- In its IPO paperwork, Lyft gives a weird, whimsical explanation for what the ‘Y’ in its name stands for
- Lyft says its business got a major boost from Uber’s extremely scandalous 2017
- Lyft has to pay Amazon’s cloud at least $8 million a month until the end of 2021
- Here’s who’s getting rich from Lyft’s enormous IPO
- Lyft warns the push to have ride-hailing drivers classified as employees could seriously harm its business
- Lyft just gave us the first look inside its financials — and its revenue is growing much faster than its losses
- Lyft warns that the future of its business depends heavily on bikes and scooters
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SEE ALSO: Lyft is seeking a valuation of up to $23 billion as it embarks on its IPO road show
Source: Business Insider – grapier@businessinsider.com (Graham Rapier)