Ride-share company Lyft, which is Uber’s closest rival, filed paperwork Friday to raise $100 million in an initial public offering. The sum is a placeholder and likely to change quickly depending on investor appetite.
The move has been widely expected after Lyft disclosed in December that it confidentially filed a draft registration statement with the Securities and Exchange Commission related to its initial public offering. On Friday, the ride-hailing company made public the contents of its S-1 registration with the SEC.
It will list on the Nasdaq under the stock ticker "LYFT."
The year started ominously for IPOs after the government shutdown in Washington, DC proved disruptive. However, 2019 is now shaping up to bring a stampede of so-called unicorns to Wall Street. Uber, Airbnb, Slack, Pinterest and Postmates are all expected to go public this year providing a veritable bonanza for early investors.
Lyft, which is part of the sharing economy, makes money by taking a commission on rides booked through its app.
The San Francisco-based ride-hailing company’s filing lifted the hood on its financials. Lyft's revenues doubled in 2018 to reach $2.2 billion, according to the filing. That's up from $343.3 million in 2016 and $1.1 billion in 2017.
But like Uber, Lyft is hemorrhaging money. Lyft's net loss climbed to $911.3 million in 2018 from two years of steady losses of $682.8 million in 2016 and $688.3 million in 2017.
Lyft claims its ridesharing market share grew to 39% in 2018, up from 22% in 2016. In the fourth quarter of 2018, it had 18.6 million active riders and 1.1 million drivers.
Contact Uttara Choudhury at [email protected]