Lyft now expects to be valued at between $20 billion and $25 billion in its IPO, the sources said, adding that the roadshow is expected to last about two weeks. The sources cautioned that the plans were still subject to change and market conditions. Both Lyft and Uber declined to comment.
Uber has received estimates from IPO bankers that have pegged its value at up to $120 billion, sources have said. If Lyft gets to list first, it would avoid being judged by the valuation metrics that will be applied to Uber, which remains the undisputed king of ride-hailing in terms of size.
Uber operates in about 70 countries and also has businesses in freight hauling, autonomous driving, food delivery, air taxis and artificial intelligence research. In contrast, Lyft is available only in the United States and Canada and has stayed tightly focused on its core ride-hailing service.
Lyft has benefited from a spate of scandals that rocked Uber in 2017, including allegations of sexual harassment made by its female employees, the forced resignation of its chief executive officer and its use of illicit software to deceive regulators.