Lyft is seeking a $23 billion valuation as it officially launches its IPO — here’s where its executives are headed to court investors

  • Lyft filed an update to its IPO prospectus on Monday, targeting a $US21 billion-$US23 billion valuation when shares price as early next week.
  • Executives and bankers will begin the company’s roadshow this week with stops in Los Angeles, San Francisco, New York, Baltimore, Chicago and more.
  • The company is expected to pitch its singular ride-hailing focus to investors, as opposed to Uber’s multi-pronged bet on everything from self-driving cars to food delivery.

Lyft is going full-steam-ahead on its initial public offering.

In an updated filing with regulators on Monday, the US ride-hailing company said it will sell 35 million shares for a price between $US62 and $US68 each, resulting in a valuation of up to $US23 billion.

The Lyft executives and bankers working to underwrite the offering will set out on a roadshow ahead of the stock’s pricing, which is expected next Thursday. They will head to both coasts, as well is the Midwest, as it seeks to court investors across the country.

Here’s the schedule seen by Business Insider and confirmed by two investors:

  • Monday and Tuesday, March 18 & 19: New York City meetings with small groups
  • Wednesday, March 20: Boston
  • Thursday, March 21: Lunch with a larger group in New York City at the luxurious St. Regis hotel.
  • Friday, March 22: Baltimore
  • Monday, March 25: San Francisco, including lunch at the Omni Hotel
  • Tuesday, March 26: Los Angeles and Kansas City
  • Wednesday, March 27: Chicago and Minneapolis
  • Thursday, March 28: Los Angeles

Shares are expected to price on Thursday, March 28, one of the last major events prior to the stock trading on the Nasdaq exchange under the ticker LYFT.

The company is expected to pitch investors on its singular ride-hailing product, according to a report in the Wall Street Journal, as opposed to Uber’s multi-pronged bet on self-driving cars, food delivery, bikes and more.

To be sure, Lyft does have investments in things other than taxi rides, most notably its acquisition of Motivate, which runs bike rental systems in New York, Chicago, San Francisco and more. Still, the company’s much smaller footprint, limited to the US and Canada presently, is much smaller than Uber’s global dominance.

Read more: Lyft just made a big hire that confirms the company’s ambitions extend well beyond cars

Lyft has also branded itself in recent years as a more driver-friendly alternative to Uber. In its first S-1 filing earlier in March, the company said it got a big boost from the “Delete Uber” campaign, which surged across social media amid Uber’s struggles under its founder and former CEO Travis Kalanick.

That reputation has come under fire lately, however, as the company fights new minimum-wage rules in New York City– the US’s largest and most lucrative ride-hailing market. Lyft told a judge that the rules unfairly benefited Uber and that demand had dropped as prices increased to cover the higher payments.

Lyft’s IPO will provide a funding boost as it continues to subsidise rides with promotions to attract passengers and compete with Uber. The windfall from the offering will also help finance investments in areas such as autonomous driving, sources told the Wall Street Journal.

Underwriters working on the IPO include J.P. Morgan, Credit Suisse Jefferies, UBS, Stifel, Nicolaus & Company, RBC Capital Markets, LLC and KeyBanc.

More on Lyft’s IPO:

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