By Liana B. Baker.
SAN FRANCISCO (Reuters) – Lyft Inc is close to hiring an initial public offering (IPO) advisory firm, in the first concrete step by the second biggest U.S. ride service company to become publicly listed, according to people familiar with the matter.
Lyft’s IPO preparations come as its larger competitor, Uber Technologies Inc, is attempting to recover from a range of scandals. In August, Uber’s new CEO Dara Khosrowshahi set a new tentative timeline for Uber’s IPO of between 18 and 36 months.
An IPO would offer Lyft access to capital beyond its traditional route of private investments. The San Francisco-based company has been in discussions this month with Google owner Alphabet Inc (GOOGL.O) about securing an investment, Reuters has reported.
Read more at Reuters.