Lyft Files Long Awaited IPO, Plans to Share Wealth With Drivers

Ride-hailing startup Lyft finally ended the long-running speculation of when it would go public by filing a public S-1 for its initial public offering.

The IPO was officially filed with the Securities Exchange Commission today. The company will make its public debut in April, on the NASDAQ stock exchange under the ticker symbol LYFT. It becomes the first ride-sharing company to file an IPO, beating its foremost competitor, Uber, which is also planning to go public later this year.

JP Morgan Chase, Jefferies and Credit Suisse is assisting Lyft in moving the filing forward, while the company is planning to meet prospective investors over the next two weeks beginning March 18 to sell the IPO to them, according to sources.

Financial information gleamed from it’s S-1 paints a mixed picture on Lyft. It made $2.2 billion in revenue, an increase of $1.1 billion last year. However, it lost $911 million in 2018, an increase over $688 million in losses in 2017.

In other Lyft news, the startup plans the share the wealth it obtains from its IPO, with a new plan that would give a thousand bucks to drivers who reach 10,000 rides on it’s platform. $10,000 would go to drivers who score 20,000 rides. The driver can keep the cash, or use it to by shares at Lyft’s IPO price, according to a Wall Street Journal report.

 

 

 

 

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