Lyft Inc. filed confidentially for an initial public offering of stock, pulling out ahead of Uber Technologies Inc. in the race among ride-hailing companies to go public.
San Francisco-based Lyft has submitted early-stage documentation for its IPO, according to a statement on Thursday. It has not yet determined how many shares it will sell in the listing or the potential price range for the stock.
Ride-hailing companies have attracted billions in venture capital, and 2019 will test whether the money-losing businesses withstand wider investor scrutiny.
Uber is aiming for an IPO in the first half of the year, people familiar with the matter have said. Yandex, Taxi, Russia’s largest ride-hailing service part-owned by Uber, is also looking to list in 2019.
Detroit News reports that Lyft is working with JPMorgan Chase & Co., Credit Suisse Group AG and Jefferies Financial Group Inc., to lead an IPO possibly as soon as March or April. Those banks have pitched valuations for the company ranging from about $18 billion to $30 billion, the people said.
Lyft’s confidential filing means the Securities and Exchange Commission can review the material and provide feedback before the company publicly files its S-1, which will likely include detailed financial information, risk factors and other material information for prospective investors.
