Lyft files to go public

Lyft files to go public
© Courtesy photo

Lyft filed paperwork with the Securities and Exchange Commission (SEC) to go public on Friday, beating rival Uber as the first of the two ride-sharing companies to start an initial public offering (IPO).

In a regulatory filing, Lyft said it was seeking to raise $100 million in the offering, though that placeholder amount could change.

Lyft said it brought in $2.2 billion in revenue in 2018 — double the turnover from 2017 and more than three times what it made in 2016 — but registered a net loss of $911 million for the year.

The filing warned that one of the risks Lyft faces is that “we have a history of net losses and we may not be able to achieve or maintain profitability in the future.”

The company also said it would help longtime drivers cash in on the offering.

Drivers who have given more than 10,000 rides will get a one-time bonus of $1,000 and those with more than 20,000 rides will get $10,000.

“To advance our mission, we aim to build the defining brand of our generation and to promote a company culture based on our unique values and commitment to social responsibility,” Lyft said in the SEC filing. “We believe that our brand represents freedom at your fingertips: freedom from the stresses of car ownership and freedom to do and see more.”

Uber is also expected to file for an IPO this year.