How to value Lyft, Uber? Novelty of business makes IPO pitch tricky

A man checks his smartphone whilst standing amongst illuminated screens bearing the Uber Technologies Inc. logo in this arranged photograph in London, U.K., on Tuesday, June 26, 2018. Photograph: Bloomberg

What is Lyft Inc.? It seems like an easy question. Lyft connects people who want a ride with ersatz taxi drivers. But for investors in Lyft’s coming public stock offering, the answer is trickier.

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