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In the latest Lyft IPO news, the company reported on Oct. 11, 2017, that it has delivered 500 million rides, a milestone that could mean the IPO will happen soon.
While the 500 million rides don't hold a candle to rival Uber's 5 billion rides, the fact is Lyft's market share has been increasing.
And even though Uber may have delivered more rides, Lyft is closer to going public...
The Lyft IPO News Could Mean the Public Offering Is Nearing
Lyft has completed fewer rides than Uber, but Lyft only operates within the United States. In comparison, Uber operates in over 80 countries around the world.
But in the U.S. market, Lyft is stealing Uber's customers...
Uber started 2017 with 80% of the U.S. market share for ride-hailing services, but that figure now sits at around 70%.
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Lyft isn't just adding more customers - it's doing it faster than ever.
It took the company four years to reach 100 million rides. This year, it took the company just three months to reach 100 million.
Now it appears the company is ready to capitalize on this positive news by going public...
The Lyft IPO Date Could Be Set at the Start of 2018
Lyft is in the process of signing an IPO advisory firm, according to a Sept. 28 Reuters report.
The IPO advisor will help Lyft hire its underwriters, who will determine the IPO offering price. Large institutions and hedge funds will be able to buy Lyft stock at the offering price, and then retail investors can buy Lyft stock on the Lyft IPO date.
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Lyft has completed its interviews for an IPO advisory firm and plans to make its selection shortly.
And when Lyft selects its underwriters and goes public, we want Money Morning readers to be prepared.
Before buying Lyft stock, here's what Money Morning Director of Technology & Venture Capital Research Michael A. Robinson wants you to know...