INSUBCONTINENT EXCLUSIVE:
ride-hailing giant Lyft has unveiled its S-1, the official document required by the Securities and Exchange Commission to go public.
The
San Francisco-headquartered business will debut on the Nasdaq stock exchange under the ticker symbol &LYFT.& JPMorgan Chase Co., Credit
Suisse Group AG and Jefferies Financial Group Inc
will lead the initial public offering expected to value Lyft at upwards of $20 billion, a significant leap from its most recent private
valuation of $15.1 billion.
The company hasn&t determined how many shares it will sell or a price range
The filing currently lists an offering size of $100 million, though that is typically a placeholder amount.
According to the filing, Lyft
recorded $2.2 billion in revenue in 2018, more than double the $1 billion recorded in 2017
Meanwhile, losses have been growing considerably
The company posted a net loss of $911 million on the $2.2 billion in revenue and a $688 million loss on 2017 $1 billion.
Lyft currently
holds 34 percent of the U.S
ridesharing market, a figure the company has been working tirelessly to increase as it gears up for its IPO
Uber holds the remaining 66 percent.
Lyft key stakeholders include Rakuten, a Japanese e-commerce giant, which boasts a 13 percent pre-IPO
stake, General Motors (7.76 percent), Fidelity (7.1 percent), Andreessen Horowitz (6.25 percent) and Alphabet (5.3 percent).
Founded in
2007, Lyft has raised $5.1 billion in venture capital funding to date
The business raised an additional $600 million in Series I funding led by Fidelity in June, its last round of private investment
Other investors in Lyft include AllianceBernstein, Baillie Gifford, KKR, Janus CapitalG and Ontario Teachers& Pension Plan.
Lyft riders took
30.1 million rides in 2018, per the filing
The company has recorded a total of 1 billion rides and operates in 300 markets.
