Lyft, which operates an on-demand ride-sharing app connecting riders and drivers, filed on Friday with the SEC to raise up to $100 million in an initial public offering. However, the deal size is likely a placeholder for an IPO that we estimate could raise $2 to $3 billion.
The San Francisco, CA-based company was founded in 2012 and plans to list on the Nasdaq under the symbol LYFT. J.P. Morgan, Credit Suisse, Jefferies, UBS Investment Bank, Stifel, RBC Capital Markets, and KeyBanc Capital Markets are the joint bookrunners on the deal. No pricing terms were disclosed.
