Lyft prepares for IPO

Going public: A file picture showing an illuminated sign appearing in a Lyft car in Los Angeles. The company plans to begin taking pitches from banks as soon as this month, targeting March or April for the listing. — Reuters

SAN FRANCISCO: Lyft Inc, the second-biggest US ride-hailing company, has started the process for an initial public offering (IPO) in an effort to beat Uber Technologies Inc to the public markets, people familiar with the matter said.

Lyft has hired IPO adviser Class V Group LLC to work closely with management as they embark on the process, said people familiar with the discussions who asked not to be identified because the matter is private.