IPO to bolster Lyft’s position, provide exit path for investors


Expert Pitch

CORNELL UNIVERSITY MEDIA RELATIONS OFFICE
Feb. 25, 2019

 

IPO to bolster Lyft’s position, provide exit path for investors

Ridesharing firm Lyft, which filed a confidential initial public offering filing with the Securities and Exchange Commission in December, is gearing up for an IPO in the coming weeks. Drew Pascarella, senior lecturer of finance in the Cornell SC Johnson College of Business, says the move will open the tech IPO market which has recently been starved.

 

Bio: https://www.johnson.cornell.edu/faculty-and-research/faculty/ddp4

 

Pascarella says: 

“The Company, which completed a $600 million Series I private funding in June of 2018, will be the first technology company to tap the U.S. IPO market this year. An IPO will provide additional capital to bolster its position vs. Uber, and provide an exit path for Lyft’s a-list VC and late-stage private investors, including Andreessen Horowitz, Fidelity, Founders, and KKR.

“The tech IPO market, which has been recently starved mostly for technical reasons (the U.S. government shutdown and now ‘stale’ financials), will likely be most focused on Lyft’s valuation, growth and path to sustained profitability and cash flow generation. I expect less focus on a dual-class structure; shareholders always maintain the right to vote with their feet irrespective of how much control founders have.”

 

For interviews contact:
Rebecca Valli
office: 202-434-8049
cell: 607-793-1025
rv234@cornell.edu

 

Cornell University has dedicated television and audio studios available for media interviews supporting full HD, ISDN and web-based platforms.


 

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