The Lyft IPO sets the scene for a battle between Japanese rivals: SoftBank and Lyft’s biggest investor, Rakuten
TOKYO—The debut of Lyft Inc. shares at a valuation of $24 billion marks the arrival of Japanese billionaire Hiroshi Mikitani to the list of Silicon Valley’s venture-capital heavyweights.
Mr. Mikitani leads Japanese e-commerce company Rakuten Inc., which has steadily built on its first $300 million investment in Lyft in 2015. Its accumulation of a 13% stake turned Rakuten into the biggest investor in the ride-hailing company. It will earn an unrealized profit of about $1.5 billion from the Lyft public share offering, according...
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