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 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.