SAN FRANCISCO: Lyft Inc inched closer to becoming the first ride-hailing company to make a stock market debut by releasing its filing for an initial public offering on Friday, giving the public the first detailed look at its financials since its 2012 launch.
But the company operated with heavy losses, posting a loss of US$911 million for 2018 versus US$688 million in 2017 and US$682 million in 2016, according to the filings. The company expects to be valued at between US$20 billion and US$25 billion in its IPO, up from its current US$15 billion valuation, sources have told Reuters. Lyft plans to launch its two-week roadshow the week of March 18, Reuters reported last week, setting up the company for an early April debut on Wall Street.Uber, a larger company with a more diverse set of businesses, needs several more weeks for its IPO preparations. A high valuation for Lyft would bode well for Uber's prospects.
Source: News Formal (newsformal.com)
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