John Zimmer
Lyft CEO Logan Green (left) and John Zimmer co-founded the ride-hailing startup, which could go public as soon as April.
- Lyft publicly filed its S-1 on Friday, kicking off the final sprint of the IPO process, which could see the ride-hailing startup go public as soon as April.
- Lyft will list on the NASDAQ under the ticker symbol LYFT, according to the S-1.
- Lyft also shared updated financials. The company saw $2.15 billion in revenue in fiscal 2018, according to the filing.
Lyft publicly filed its IPO registration Friday, kicking off what could be a record-setting year for multi-billion dollar private tech companies hitting the public markets.
Lyft didn't disclose in its filing at what price it plans to list. The ride-hailing service was last valued at $15 billion in a 2018 funding round, though the company is reportedly eyeing a valuation between $20 billion and $25 billion when it IPOs.
When it goes public, Lyft will list on the NASDAQ under the ticker simple LYFT, according to the S-1. The company is working with JP Morgan, Credit Suisse and Jefferies as lead bankers on the public offering, which is expected to take place in early April.
Lyft plans to meet with potential investors in what's known as a "roadshow" on March 18, according to multiple reports. The roadshow is reportedly expected to last around two weeks. After that, the official timing of Lyft's IPO is up to its team and how the greater markets perform.
This timing puts Lyft ahead of its ride-hailing rival Uber, which is expected to go public later this year in an IPO that could reportedly value the company as high as $120 billion.
Lyft's financials
In its S-1, Lyft disclosed for the first time financials which shed light on its performance. The company saw $2.15 billion in revenue in fiscal 2018, up from $1.06 billion in 2017.
Like many tech unicorns, Lyft still isn't profitable. The company lost $911.3 million in 2018, up from losses of $688.3 million in 2017, and $682.8 million in 2016.
The company also disclosed details of a new plan to put stock into the hands of its drivers, who did not previously receive equity in the company due to their status as contractors instead of full-time employees. The plan, reported in The Wall Street Journal on Thursday, gives $1,000 to drivers who have logged 10,000 rides on its platform, and $10,000 to drivers who racked up 20,000 rides. It's up to the drivers whether they keep the money or use it to buy shares at the company's IPO price.
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