Lyft files for IPO, to kick off roadshow later this month
FBN's Stuart Varney on Lyft's plans to go public.
Ride-sharing company Lyft filed paperwork for an initial public offering (IPO) on Friday, putting it on the path to becoming the first U.S. ride-hailing company to list on the stock market.
While the company did not specifically say what it expects to price at, a previous Reuters report suggested it is seeking a valuation as high as $25 billion.
The stock will list on the NASDAQ under the ticker “LYFT,” a process expected to take place as soon as April. The company will kick off its roadshow later this month. JP Morgan, Credit Suisse and Jeffries are the main underwriters of the IPO process.
The company reported $2.2 billion in revenue in 2018, however, it lost $911 million over the same time period. It is not profitable.
As revealed in documents filed on Friday, Lyft’s biggest shareholders include Japan’s Rakuten, General Motors, Fidelty, Andreesen Horowitz and Alphabet.
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As previously reported by FOX Business, the company plans to give its most-active or longest-serving drivers the option to buy IPO shares.
Lyft-rival Uber is expected to list its shares in 2019 also, kicking off what could be a big year for initial public offerings.