Lyft's IPO promises roads to everywhere rob_cyran
Lyft released its prospectus for an initial public offering on March 1. Company executives hope the listing will value the firm at between $20 billion and $25 billion, sources told Reuters. The last funding round valued the firm at $15 billion.
Rival Uber, whose last round valued the company at $76 billion, has also filed to go public this year. Lyft’s filing shows that the ride-hailing service’s revenue doubled in 2018 to $2.2 billion, while losses rose by nearly a third, to $911 million. The company did not say how many shares it intends to sell or indicate a price. Lyft had about $2 billion of cash and short-term investments at the end of December.
As a public company Lyft will have two classes of stock. The A class shares will each have one vote, while B shares held by insiders will each have 20 votes. Entities affiliated with Alphabet held about 5 percent of the stock prior to an offering, while General Motors owned about 8 percent.
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