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Lyft appears to be en route to IPO as it reportedly hires adviser

The ride-hailing company could beat Uber to the public markets.

Lyft may be getting closer to its initial public offering.
Angela Weiss / AFP/Getty Images

Lyft has reportedly started the IPO engine by hiring an adviser.

The ride-hailing company -- second only to Uber in the US -- hired IPO adviser Class V Group with a target of March or April for its listing, Bloomberg reported Friday, citing unnamed sources.

It'll start taking pitches from banks as early as September as it tries to beat Uber to the public markets, Bloomberg said.

Uber CEO Dara Khosrowshahi reportedly said his company is aiming to make its IPO in the second half of 2019. Khosrowshahi took the reins earlier this year and vowed to mend the company's reputation after a series of scandals and lawsuits.

Neither Lyft nor Class V immediately responded to requests for comment.

Lyft sparked speculation about an IPO last December when it hired Kristina Omari as its a vice president of corporate development and investor relations.

In June, it was valued at $15.1 billion after fresh funding infusion, compared with $7.5 billion in April 2017. It remains considerably smaller than Uber, which had an estimated $68 billion value at the time, but Lyft hasn't been quite so mired in scandal.

Lyft was also among four companies that won approval to offer scooter services in Santa Monica on Thursday.

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