Ride-hailing firm Lyft launches IPO road show in Uber’s shadow

By Joshua Franklin and Diptendu Lahiri (Reuters) - Lyft Inc kicked off the investor road show for its initial public offering on Monday, targeting a valuation of up to $23 billion and seeking to woo money managers before larger ride-hailing rival Uber Technologies Inc goes public in April. The IPOs of Lyft and Uber represent a watershed for Silicon Valley's technology unicorns, which for years have snubbed the stock market in favor of raising capital privately, with investors happy to back their frothy valuations. The market rally of the last few years, however, coupled with the desire of some of the startups' insiders to cash out, is leading many technology firms, including Airbnb Inc, Slack Technologies Inc and Stripe Inc, to plan market debuts.

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