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.
Big Apple workers who deliver for food apps like Doordash and Grubhub will now receive a number of legal protections provided through a package of new regulations that have started going into effect. These updated rules include more control over their deliveries, pay and tip transparency, a higher minimum pay rate, and access to restaurant bathrooms during the workday. New York City Comptroller Brad Lander joined Cheddar to elaborate on the regulations and how the platform holders reacted. "I have to say it's a mixed bag," he said. "Grubhub actually welcomed the legislation and said they recognize they need to do better by their deliveristas, but DoorDash, unfortunately, has actually been pushing back against the legislation."
Stocks closed mixed Wednesday after the Federal Reserve's announcement about potential rate hikes this year, beginning as soon as March. That would be the central bank's first rate hike since 2018, and Chair Jerome Powell also didn't rule out a potential rate hike at every meeting in order to combat inflation. RC Peck, CIO of Fearless Wealth, joined Closing Bell to discuss today's close, the Fed's announcement, Tesla's Q4 2021 earnings results, and more.
Stocks closed lower Tuesday, but off session lows amid continued volatility as investors await this week's Federal Reserve meeting, where the central bank is expected to introduce tighter monetary policy. Microsoft also reported second quarter fiscal 2022 earnings after the bell. The tech giant beat on both top and bottom lines, but shares fell after hours. David Stryzewski, CEO of the Sound Planning Group, joins Cheddar News' Closing Bell to discuss today's close, predictions for this week's Fed meeting, Microsoft's earnings report, and more.
Thomas Hoenig, Former CEO of Federal Reserve Bank of Kansas City and currently Distinguished Senior Fellow with the Mercatus Center, joined Cheddar News' Closing Bell, where he says the Fed's decision was no surprise, but believes the Fed is behind the curve on raising rates.
Business communication platform Slack, recently released its fifth wave of results from its global workplace survey from its Future Forum consortium, showing that the workforce has already moved to a split between working from home and going to the office. “We are now officially in the hybrid era of work,” Slack Future Forum VP Sheela Subramanian said when discussing the findings. "Hybrid is a work model where people can come into the office as well as work remotely, and what we're seeing is that the majority of knowledge workers are now in this arrangement — and that number is set to grow."
Legal cannabis businesses are having a hard time surviving in California with the high cost of doing business and a still-thriving illicit market. In response, nonprofit Supernova Women, founded by women of color, is advocating on behalf of Black and brown shareholders in the cannabis industry. Amber Senter, co-founder, executive director, and chairman of the organization, spoke with Cheddar News about calling for changes in the Golden State's taxation system for legal marijuana. "We're really leaning on the legislators now to support the industry and make sure that this industry, in particular craft cannabis, can survive," said Senter.
After being among the hardest-hit industries by the pandemic, restaurants are still having a hard time staying afloat, with owners claiming that business is worse now due to closures from staff shortages and customer decline than it was three months ago. Mike Whatley, vice president of state affairs and grassroots advocacy for the National Restaurant Association, spoke to Cheddar News about how the sector is reaching out to lawmakers for help. "Working with Senators Wicker, Sinema, and a whole host of bipartisan leaders, we're trying to get the Restaurant Revitalization Fund replenished," Whatley said.
Alex Soojung-Kim Pang, founder of Strategy + Rest,
joins Cheddar News to discuss UK's pilot four-day workweek and its impact on workers' mental health.
Ed Gaussen, co-founder and CEO of Mantra Health, and Matt Kennedy, co-founder and COO of Mantra Health, joined Cheddar News to discuss the digital mental health startup's latest funding round and plans for the future.
