A ‘Lyft’ for Grab
US-BASED ride hailing company, Lyft received a premium for its listing. The shares, sold at US$72 each, valuing the second-largest ride-hailing company in the United States at US$24bil.
The valuation is almost 11 times the revenue recorded by Lyft, which is still loss-making, and expected to be in the red until 2020. Before the listing, Lyft was valued at US$15bil based on a fund-raising last year.
Lyft’s valuation is far more than what investors paid for its competitors last year. US-based Uber and Didi Chuxiang of China were valued at five times and 7.5 times revenue in their last round of fund raising that was held last year.
Uber, which is also loss-making, is said to be seeking a listing this year where several unicorns are poised to go public. Unicorns are start-ups with valuation of more than US$1bil.
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