Rivals Uber Technologies Inc and Lyft Inc which have been duking it out in the fast-growing ride-hailing business may now be fighting for investors in their initial public offerings.
Lyft recently selected underwriters for an IPO that is expected in the first half of 2019.
“JPMorgan Chase & Co will lead the offering along with Credit Suisse Group AG and Jefferies Group LLC, while several additional banks will hold smaller roles,” reported The Wall Street Journal.
The Journal said Lyft’s valuation is expected to top the $15.1 billion it was valued at earlier this year, though private valuations can change until the company prices its IPO.
READ: Uber IPO may be worth all-time record $120 billion, says Wall Street Journal
Lyft’s decision to take the next big step toward an IPO comes as rival Uber is weighing an early 2019 listing and recently received proposals from banks valuing it at as much as $120 billion.
Uber has received proposals from top investment banks Goldman Sachs (NYSE:GS) and Morgan Stanley (NYSE:MS) that value the company as much as $120 billion in an initial public offering.
Contact Uttara Choudhury at uttara@proactiveinvestors.com
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