Lyft announces IPO registration

Lyft announces IPO registration

A pink car with Lyft logo is driving along 14th street in Manhattan.

Lyft has filed a draft registration with US authorities for an initial public offering (IPO).

According to a statement released on Thursday, the ride-hailing app has begun the process to go public ahead of Uber.

The price range or the number of shares that will be put on offer has not yet been determined.

“The initial public offering is expected to commence after the SEC completes its review process, subject to market and other conditions,” said Lyft in a statement. 

A person familiar with the matter said in October that Lyft will be working with  JPMorgan Chase & Co., Credit Suisse Group AG and Jefferies Financial Group Inc. or organise the IPO for the first half of 2019.

A spokesperson from the group said earlier this year: “A variety of factors will determine if and when Lyft goes public, but in the meantime, we are focused on building our business, which continues to grow.”

If the company is to go public at the start of 2019, it would go public before rival Uber.

Uber’s chief executive, Dara Khosrowshahi, has confirmed that his company are still planning for a planned public offering in the second half of this year.

Lyft was launched in 2012 by John Zimmer and Logan Green. It is thought to be worth about $15 billion (£11.75 billion). Uber is valued at approximately $120 billion.