Lyft Files For Initial Public Offering On Nasdaq Under Symbol 'LYFT'

Lyft filed with the Securities and Exchange Commission for an initial public offering on the Nasdaq (NDAQ) under symbol "LYFT". The company lists 2018 bookings at $8.1B and said it had over 1B cumulative rides last year. "We believe that the world is at the beginning of a shift away from car ownership to Transportation-as-a-Service or TaaS. Lyft is at the forefront of this massive societal change," Lyft said in its filing. "Our ridesharing marketplace connects drivers with riders and we estimate it is available to over 95% of the U.S. population, as well as in select cities in Canada.

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In 2018, almost half of our riders reported that they use their cars less because of Lyft, and 22% reported that owning a car has become less important.5 As this evolution continues, we believe there is a massive opportunity for us to improve the lives of our riders by connecting them to more affordable and convenient transportation options," it added. The company's revenue was $343.3M, $1.1B and $2.2B in 2016, 2017 and 2018, respectively. It will two classes of common stock and the offering will be led by JPMorgan, Credit Suisse and Jefferies. The banks working with Lyft are discussing company valuations of between $20B and $25B, according to Bloomberg.

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