The Lyft transport application. Ride-hailing firm Lyft has launched the process to take the company public.AFP
The Lyft transport application. Ride-hailing firm Lyft has launched the process to take the company public.AFP
The Lyft transport application. Ride-hailing firm Lyft has launched the process to take the company public.AFP
The Lyft transport application. Ride-hailing firm Lyft has launched the process to take the company public.AFP

Lyft IPO filing puts it ahead of rival Uber


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Ride-hailing company Lyft beat bigger rival Uber Technologies in filing for an initial public offering that will test investor appetite for high-profile but loss-making technology companies.

The company, which was last valued at about $15 billion, did not specify the number of shares it was selling or the price range for the offering in a confidential filing with the Securities and Exchange Commission on Thursday.

The IPO is slated for the first half of 2019, sources have said. Uber is expected to pursue an IPO next year that could value it at about $120bn, while home-renting company Airbnb, valued at $31bn, is also seen listing in 2019.

High-profile tech unicorns such as Dropbox Inc and Spotify dominated the US IPO landscape this year, but the recent turmoil in financial markets due to escalating trade tensions between the United States and China could dampen enthusiasm for offerings from Lyft and Uber.

Investors fear that stock market weakness could result in reduced interest in their road shows or fail to fetch them a reasonable valuation.

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"Market declines mean that the offer price will be lower than otherwise. But there's a danger of waiting to go public as well - markets could go even lower, and the companies could raise less money if they waited longer," said Jay Ritter, an IPO expert and professor at the University of Florida.

Uber and Lyft's IPOs are widely seen as a litmus test for investor tolerance for lack of profitability when it comes to iconic technology unicorns.

The two companies have taken hits to their bottom lines in order to attract drivers and enter new markets, although they have made strides in recent years in narrowing their losses.

"The 'cab-hailing-system' has been antiquated and left as a dinosaur of yesteryears. The good news for ride-sharing is that it's a market that has shown to be penetrable," said Jeff Zell, senior research analyst and partner at IPO Boutique in Florida.

"With autonomous cars on the horizon, it is anyone's guess where this sector goes in the future. But Uber and Lyft, as name-brand leaders, are leading the race and will have the war-chest to be major players for years to come."

Lyft's IPO is expected to commence after the SEC completes its review process, it said on Thursday.

Reuters reported in October that Lyft had chosen JP Morgan, Credit Suisse and Jefferies as underwriters for its IPO.

The company was set up in 2012 by technology entrepreneurs John Zimmer and Logan Green, three years after Travis Kalanick co-founded Uber.

A MINECRAFT MOVIE

Director: Jared Hess

Starring: Jack Black, Jennifer Coolidge, Jason Momoa

Rating: 3/5

The specs

Engine: 2.0-litre 4-cyl

Power: 153hp at 6,000rpm

Torque: 200Nm at 4,000rpm

Transmission: 6-speed auto

Price: Dh99,000

On sale: now

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About RuPay

A homegrown card payment scheme launched by the National Payments Corporation of India and backed by the Reserve Bank of India, the country’s central bank

RuPay process payments between banks and merchants for purchases made with credit or debit cards

It has grown rapidly in India and competes with global payment network firms like MasterCard and Visa.

In India, it can be used at ATMs, for online payments and variations of the card can be used to pay for bus, metro charges, road toll payments

The name blends two words rupee and payment

Some advantages of the network include lower processing fees and transaction costs

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The specs

Engine: 1.5-litre turbo

Power: 181hp

Torque: 230Nm

Transmission: 6-speed automatic

Starting price: Dh79,000

On sale: Now

UAE currency: the story behind the money in your pockets
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APPLE IPAD MINI (A17 PRO)

Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits

Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine

Storage: 128/256/512GB

Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4

Front camera: 12MP ultra-wide, f/2.4, Smart HDR 4, full-HD @ 25/30/60fps

Biometrics: Touch ID, Face ID

Colours: Blue, purple, space grey, starlight

In the box: iPad mini, USB-C cable, 20W USB-C power adapter

Price: From Dh2,099

Singham Again

Director: Rohit Shetty

Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone

Rating: 3/5

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Porsche Macan T: The Specs

Engine: 2.0-litre 4-cyl turbo 

Power: 265hp from 5,000-6,500rpm 

Torque: 400Nm from 1,800-4,500rpm 

Transmission: 7-speed dual-clutch auto 

Speed: 0-100kph in 6.2sec 

Top speed: 232kph 

Fuel consumption: 10.7L/100km 

On sale: May or June 

Price: From Dh259,900  

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COMPANY%20PROFILE
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ELIO

Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett

Directors: Madeline Sharafian, Domee Shi, Adrian Molina

Rating: 4/5

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'The worst thing you can eat'

Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.

Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines: 

Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.

Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.

Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.

Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.

Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.

Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
Director: Venkat Prabhu
Rating: 2/5
KEY%20DATES%20IN%20AMAZON'S%20HISTORY
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Sole survivors
  • Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
  • George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
  • Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
  • Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
PRO BASH

Thursday’s fixtures

6pm: Hyderabad Nawabs v Pakhtoon Warriors

10pm: Lahore Sikandars v Pakhtoon Blasters

Teams

Chennai Knights, Lahore Sikandars, Pakhtoon Blasters, Abu Dhabi Stars, Abu Dhabi Dragons, Pakhtoon Warriors and Hyderabad Nawabs.

Squad rules

All teams consist of 15-player squads that include those contracted in the diamond (3), platinum (2) and gold (2) categories, plus eight free to sign team members.

Tournament rules

The matches are of 25 over-a-side with an 8-over power play in which only two fielders allowed outside the 30-yard circle. Teams play in a single round robin league followed by the semi-finals and final. The league toppers will feature in the semi-final eliminator.

Director: Paul Weitz
Stars: Kevin Hart
3/5 stars