Lyft Takes Next Step to Go Public, Registers for IPO
*By Carlo Versano*
Lyft filed for its initial public offering in a confidential registration [statement](http://pdf.reuters.com/htmlnews/htmlnews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20181206:nPn2d3W3Ja.) with the Securities and Exchange Commission, it announced in a [press release](https://www.prnewswire.com/news-releases/lyft-announces-confidential-submission-of-draft-registration-statement-for-proposed-initial-public-offering-300761224.html) Thursday morning.
The ride-hailing company said it has not yet determined the number of shares or price range for the IPO.
The company's statement is the first official step in becoming a public company. Lyft had previously lined up the banks, reportedly JPMorgan and Jeffries, that will do the deal. It now must wait for the SEC to complete its review before it can initiate the offering. The company was most recently valued around $15 billion, and a successful float could raise that number.
The IPO is expected to commence in the first half of 2019. Rival Uber also has an IPO in the works, which is sure to eclipse Lyft's valuation when it is priced. Uber has been speculated to be worth as much as $120 billion.
For Lyft, "there's a lot of advantages to going first" said Maya Kosoff of Vanity Fair.
Lyft is closer to profitability than Uber (though neither is there yet), benefits from better PR, and any regulatory changes that stem from Lyft's rollout could affect Uber's valuation, Kosoff noted.
Lyft, which only operates in North America, has sought to diversify from ride-hailing, and recently acquired Motivate, the country's largest bike-share operator. It is also piloting electric scooters in select markets. Uber has made similar moves, though both companies get the lion's share of their revenues from the commissions generated from the car rides users book on their apps.
Tech companies such as Google, Apple, and Twitter are the latest to announce back-to-office plans. Google has asked its employees to return starting on April 4th. Heidi Brooks, senior lecturer in organizational behavior at Yale University School of Management, joins Cheddar News to discuss.
Businesses face more challenges for building a positive work environment as offices reopen. Workplace tech platform Envoy's At Work Report showed that hybrid work is currently in vogue, featuring focused work in both the office and at home. Annette Reavis, chief people officer for Envoy, joined Cheddar to discuss how employers can smooth the rough edges for their returning employees. "It is about hybrid though, it's really important for the future that we change our mindset from five days a week," she said. "Those are days of the past to working hybrids. So when you're in the office, you're focused, you're working cross-functionally."
Following the invasion of Ukraine, a multitude of Western companies have paused doing business with Russia. PepsiCo, Coca-Cola, McDonald's, and Starbucks are the most recent companies to temporarily cease operations in Russia. Dean of Miami Herbert Business School at the University of Miami, John Quelch, joined Cheddar News to discuss what message this sends to Russia and the Russian consumer. “I would not underestimate the collective strength of all of these multinational companies, essentially coming together to make their collective statement in support of the political statements that have come out of Washington," he said.
Cristyl Kimbrough, real estate attorney and star of 'Ladies Who List: Atlanta,' joins Cheddar News to discuss her new show on OWN and breaking into Atlanta's luxury real estate space.
Carl Tobias, professor of law at the University of Richmond, joins Cheddar News to talk about how Johnson & Johnson funded experiments on mostly Black men comparing the effects of talc and asbestos on their skin.
Amazon unveiled its new mobile app called Amp as a direct competitor to Clubhouse, allowing people to host live radio shows. Although it is still in beta, users can join the waitlist from the iOS store.
President Biden announced a ban on Russian oil and natural gas imports to the U.S. in response to its invasion of Ukraine, a move he warned could lead to an even greater surge in gas prices. The ban is prompting a conversation about the current oil production levels in the U.S. and whether or not the industry can ramp up production to soften the blow to American families at the gas pump. Clark Williams-Derry, Energy Finance Analyst with the Institute for Energy Economics and Financial Analysis, breaks down the state of the U.S. oil industry and how the ban might impact production levels here at home.
PepsiCo, Coca-Cola, McDonald’s, and Starbucks are the latest American food brands to have halted business operations in Russia after having faced scrutiny and criticism for originally failing to do so amid the country's invasion of Ukraine.
