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Lyft has filed documents for its stock offering, racing ahead of ride-sharing rival Uber for a Wall Street listing that sets the stage for a series of big venture-backed tech firms to hit public markets.
The initial public offering (IPO) filing on Friday offered the first glimpse of Lyft's finances and showed the San Francisco firm lost 911 million U.S. dollars on 2.2 billion U.S. dollars in 2018 revenues.
The documents show revenues grew sharply from 343 millionU.S. dollars in 2016, but losses widened as well.
Lyft's private valuation has been estimated at 15 billionU.S. dollars, considerably smaller than Uber but making it one of the largest startups worth more than one billionU.S. dollars, popularly known as unicorns.
Lyft service on a smartphone in New York City. /VCG Photo
It will trade on the Nasdaq under the symbol LYFT and, according to some reports, will seek a valuation of more than 20 billion U.S. dollars.
We are laser-focused on revolutionizing transportation and continue to lead the market in innovation, Lyft said in its filing, setting a preliminary target of raising $100 million, a placeholder figure likely to be revised higher.
The company has discussed the possibility of expanding globally but so far has operated only in the U.S. and Canada.
The filing with the Securities and Exchange Commission said only that Lyft may continue to expand its international operations, without offering specifics.
Lyft added that its future plans are multimodal, and involve using shared bikes and scooters for shorter rides, while enabling users to see transit options on its mobile application.
The date and pricing of the offering were not announced.
(CGTN)
