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Lyft’s imminent IPO could value the company at $23B

Posted by on Mar 18, 2019 in Alphabet, Andreessen Horowitz, Companies, Floodgate Fund, General Motors, initial public offering, Lyft, online marketplaces, rakuten, San Francisco, TC, the wall street journal, transport, Uber, Wall Street Journal | 0 comments

Ridehailing firm Lyft will make its Nasdaq debut as early as next week at a valuation of up to $23 billion, The Wall Street Journal reports. The business will reportedly price its shares at between $62 and $68 apiece, raising roughly $2 billion in the process.

With a $600 million financing, Lyft was valued at $15.1 billion in June.

Lyft filed paperwork for an initial public offering in December, mere hours before its competitor Uber did the same. The car-sharing behemoths have been in a race to the public markets, igniting a pricing war ahead of their respected IPOs in a big to impress investors.

Uber’s IPO may top $120 billion, though others have more modestly pegged its initial market cap at around $90 billion. Uber has not made its S-1 paperwork public but is expected to launch its IPO in April.

Lyft has not officially priced its shares. Its S-1 filing indicated a $100 million IPO fundraise, which is typically a placeholder amount for companies preparing for a float. Lyft’s IPO roadshow, or the final stage ahead of an IPO, begins Monday.

San Francisco-based Lyft has raised a total of $5.1 billion in venture capital funding from key stakeholders including the Japanese e-commerce giant Rakuten, which boasts a 13 percent pre-IPO stake, plus General Motors (7.76 percent), Fidelity (7.1 percent), Andreessen Horowitz (6.25 percent) and Alphabet (5.3 percent). Early investors, like seed-stage venture capital firm Floodgate, also stand to reap big returns.

Lyft will trade under the ticker symbol “LYFT.” JPMorgan Chase & Co., Credit Suisse Group AG and Jefferies Financial Group Inc. are leading the IPO.

Lyft recorded $2.2 billion in revenue in 2018 — more than double 2017’s revenue — on a net loss of $911 million.

Lyft declined to comment.

Source: The Tech Crunch

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Wall Street Journal, Its Newsroom Unsettled, Names a New Editor

Posted by on Jun 5, 2018 in Appointments and Executive Changes, Baker, Gerard, Murray, Matt, News and News Media, Wall Street Journal | 0 comments

During Gerard Baker’s tenure as editor in chief, the paper broke big stories and circulation rose — but he faced unrest in the newsroom.
Source: New York Times

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Op-Ed Columnist: Herbert Hoover’s Ghost

Posted by on Jun 2, 2018 in Canada, China, Churchill, Winston Leonard Spencer, Customs (Tariff), Hoover, Herbert Clark, International Trade and World Market, Kudlow, Lawrence A, Mexico, Mnuchin, Steven T, Palin, Sarah, Pence, Mike, Protectionism (Trade), Smoot-Hawley Tariff Act (1930), Tea Party Movement, United States Economy, United States International Relations, United States Politics and Government, Wall Street Journal | 0 comments

The soul of the 31st president can rest easy. He is no longer the worst Republican ever.
Source: New York Times

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