Ride-sharing service Lyft has reportedly selected underwriters for its initial public offering (IPO) expected in early 2019.
According to The Wall Street Journal, JPMorgan Chase & Co. Will lead the offering, along with Credit Suisse Group AG and Jefferies Group LLC. Several smaller banks will also hold smaller roles.
Lyft’s valuation is expected to top $15.1 billion. In contrast, Uber, which is also thought to be planning its own IPO for 2019 has recently received proposals from banks that value it around $120 billion, the Journal reports.
Uber had originally planned its IPO for the second half of 2019; however, the company is expected to release the offering earlier now in order to compete with Lyft. Instead of positioning itself as a global player, Lyft is reportedly selling itself to investors as the future of the ride-sharing business in the U.S.
Lyft was responsible for 375 million rides last year, while Uber was responsible for 4 billion.