Lyft files paperwork for $100 million IPO ahead of Uber

Lyft files for a $100 million IPO ahead of rival Uber.

Lyft has beaten Uber in the rideshare initial public offering (IPO) race. Lyft revealed that the corporation filed for a $100 million IPO with the US Securities and Exchange Commission. The company's ticker symbol on Wall Street will be 'LYFT'.

Lyft IPO details

Lyft was one of the most eagerly awaited IPOs of 2019. Though there were reports in late 2018 of the rideshare company applying for an IPO , this latest report offers more detail about the filing in its annual report. The company noted that JP Morgan Chase is one of the financial institutions leading the IPO. In a letter to the SEC, co-founders, John Zimmer, and, Logan Green wrote about how the app changed transportation.

‘We are laser-focused on revolutionising transportation and continue to lead the market in innovation. We have established a scaled network of drivers and riders, or users, brought together by our robust technology platform that powers millions of rides and connections every day,’ wrote Zimmer and Green in their filing with the SEC.

Lyft 2018 earnings:key figures

Revenue $2.2 billion
Bookings $8.1 billion
Net loss $911 million

Lyft 2018 revenue report

The corporation revealed more financial data in its annual report. Lyft’s 2018 revenue report included positive news about its growth. Lyft revenue increased to $2.2 billion, double the amount in 2017. The rideshare company’s bookings, the gross value of rides and services before drivers receive their pay, was $8.1 billion, about double the $4.6 billion made in 2017.

While Lyft increased revenue, the company also had large losses. The corporation’s net loss was $911 million, growing 32% from $688 million in 2017.

What’s next for Lyft’s IPO?

Zimmer and Green wrote about the potential for its IPO, including possibly offering stock to drivers. The co-founders also wrote about how Lyft’s IPO will serve stockholders.

‘We're proud of the momentum and even more excited by what lies ahead. Just 1% of miles traveled in the United States happen on rideshare networks. The road ahead represents a massive opportunity to serve our communities and drive value for our stockholders,' wrote Zimmer and Green.

'We take this responsibility to serve our communities and stockholders seriously, and we look forward to proving that with actions and results,’ added Zimmer and Green.

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