Lyft files for IPO
Ride-sharing company Lyft has beaten rival Uber to a stock market listing.
Lyft filed documents for an initial public offering which could give it a market valuation of about $20 billion.
It will trade on the Nasdaq with the ‘LYFT’ symbol with the aim of raising a ‘placeholder’ amount of about $100m.
According to the filing, it has 39% market share in the US.
It didn’t disclose the timing or the price of the offering.
The filing offered an insight into its financials which saw a surge in revenue but also widening losses.
It had a $911m loss on $2.2billion revenue in 2018.
"We are laser-focused on revolutionising transportation and continue to lead the market in innovation," it states in the filing.
Lyft said some shares would be reserved for some long term drivers in the form of a bonus of up to $10,000 to buy at the listed IPO price, or they can just pocket the cash.
Rival Uber is also expected to push ahead with an IPO this year.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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