NEW YORK – Lyft Inc. made its IPO documentation public on Friday, a move that fires the starting gun on what’s expected to be one of the biggest years for tech IPOs ever.
This filing sets the company up to begin trading in late March and to start its so-called roadshow to pitch the business to investors in the next several weeks.
Among the revelations in the filing, the company posted revenue last year of $2.16 billion, up from $1.06 billion in 2017.
The company’s net loss, meanwhile, expanded to $911.3 million from $688.3 million.
The company expects to begin trading on the Nasdaq Stock Market with the symbol LYFT.
The Wall Street Journal had earlier reported that the company would make its filing public on Friday and would be traded on Nasdaq.
Lyft, which started in 2012 and is much smaller than Uber Technologies Inc., has been widely expected to beat its ride-hailing rival to the public markets, and in doing so would afford public investors their first opportunity to buy into the fast-growing industry.
Lyft’s IPO will be a test of how such investors value the industry and its main players.
Uber, Lyft and a host of other ride-hailing firms have received vast amounts of money from private investors at high valuations, but still need a lot more capital as they continue to generate big losses.
While the IPO filing didn’t specify a potential valuation, Lyft is widely expected to achieve a price in the public market that far exceeds its last private valuation of $15.1 billion as of early 2018, according to people familiar with the offering.
Meanwhile, Uber has received proposals from bankers that value it as high as $120 billion, the Journal has reported.
As part of the IPO, Lyft said it would take the rare move of offering one-time cash bonuses to drivers with the option to use the money to buy IPO shares.
Lyft said it would be paying out its bonuses to the drivers, who would need to have logged at least 10,000 rides by Feb. 25 to be eligible for the $1,000 bonus or 20,000 rides for the $10,000 bonus, on or about March 19.
The Journal had previously reported that Lyft and Uber would both be implementing such programs.
In the filing, Lyft touted its expanding market share in the U.S., which it said had grown to 39 percent in December 2018, up from 22 percent in December 2016.
The company said the growth came from both new drivers and riders as well as increased ride frequency.