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Lyft onboards JP Morgan, Credit Suisse and Jefferies to lead its IPO

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US ride-hailing firm Lyft has hired JP Morgan, Credit Suisse and Jefferies as underwriters for its upcoming initial public offering (IPO), slated for an early 2019 debut.

A source familiar with the matter told Reuters late last night that the three banks have been brought on board to lead the listing, after Morgan Stanley and Goldman Sachs were ruled out of the process due to their affiliation with Uber's upcoming IPO.

JP Morgan and Credit Suisse declined to comment, while Lyft did not respond to a request for comment. Jefferies could not be reached for comment.

Read more: Uber's IPO could value it at double Tesla's market cap

The news follows reports that Lyft's largest rival Uber is also set to go public in the first half of 2019 at a valuation of $120bn (£90.8bn), skyrocketing from its most recent valuation of $76bn in August.

Should the valuation be accurate, Uber would be worth more than double the value of Tesla, five times the value of Twitter, and 13 times the value of Snap.

Other reports said Lyft's potential valuation could also rise higher than its current value of $15.1bn, much lower than that of Uber. However its value is rising rapidly, having more than doubled over the last year.