Uber to issue IPO in April just after Lyft.
Uber has a market valuation of $70Billion and targeting to hike its valuation up to $120
Lyft values $15 Billion in the market and targeting to soon upgrade valuation to $20-25 Billion.
Uber operates in more than 70 countries.
Uber Technologies Inc a global logistics and transport company is in plans to kick off its initial public offering in April. According to the people aware of the matter, Uber is going hit its IPO in public market in April soon as Lyft completes its public offering by end of March. The close adjacency of the two IPOs could test the public market’s hunger for ride-sharing investments. Both the loss-making companies are issuing their IPOs neck to neck and are giving tough competition to each other in attracting drivers and riders since their inception.
Uber has a wider business with respect to Lyft and both have filed confidential paperwork for an IPO at the same time in December. Uber has its market valuation of $70 Billion and is planning to enhance its valuation up to $120 Billion and some analysts say it values close to $100 Million based on selected financial figures shared by it. On the other hand the market valuation of ride-hailing and bike renting firm, Lyft has its market valuation to $15 Billion is expected to hike up to $20-25 Billion. It provides its services in the United States and few cities of Canadian.
According to Kathleen Smith, a principal and manager of IPO ETFs at Renaissance Capital, There are so many investors who are in the wish to invest in the ride-hailing industry. There will be tough competition between the two companies for attracting investor’s capital because of coming out so close.
Uber has revenue of $11.3 Billion last year with its gross revenue by rides was $50 Billion. The company also lost $3.3 Billion excluding gains from the sale of its overseas business units in Russia and Southeast Asia. On the other hand, Lyft’s revenue was $2.2 Billion with $8.1 Billion in gross rides booking and the firm lost $911, Million.
Uber has a huge business spread in more than 70 countries. Its businesses not only include ride-hailing but also food delivery, bike, and scooter rentals, self-driving cars and freight hauling. It is expanding its business aggressively by getting funds from major investors including Softbank’s Vision Fund.
Stay connected to us for latest updates!
- OkCredit raises $15.5 Million (Rs 108 Crore) in series A funding round led by Tiger Global - October 11, 2019
- Self-drive car rental Zoomcar and Drivezy in initial talks for a merger - October 7, 2019
- Online lending platform Biz2Credit raises $52 Million (Rs. 360 Crore) in series B funding round - October 5, 2019