Lyft unveils its S-1 and nearly $1B in 2018 losses

The day has lastly come. U.S. ride-hailing large Lyft has unveiled its S-1, the official doc required by the Securities and Alternate Fee to go public.

The San Francisco-headquartered enterprise will debut on the Nasdaq inventory trade beneath the ticker image “LYFT.” JPMorgan Chase & Co., Credit score Suisse Group AG and Jefferies Monetary Group Inc. will lead the preliminary public providing anticipated to worth Lyft at upwards of $20 billion, a major leap from its most up-to-date non-public valuation of $15.1 billion.

The corporate hasn’t decided what number of shares it’s going to promote or a worth vary. The submitting presently lists an providing measurement of $100 million, although that’s sometimes a placeholder quantity.

Based on the submitting, Lyft recorded $2.2 billion in income in 2018, greater than double the $1 billion recorded in 2017. In the meantime, losses have been rising significantly. The corporate posted a internet lack of $911 million on the $2.2 billion in income and a $688 million loss on 2017’s $1 billion.

Lyft presently holds 34 % of the U.S. ridesharing market, a determine the corporate has been working tirelessly to extend because it gears up for its IPO. Uber holds the remaining 66 %.

Lyft’s key stakeholders embrace Rakuten, a Japanese e-commerce large, which boasts a 13 % pre-IPO stake, Basic Motors (7.76 %), Constancy (7.1 %), Andreessen Horowitz (6.25 %) and Alphabet (5.three %).

Based in 2007, Lyft has raised $5.1 billion in enterprise capital funding up to now. The enterprise raised an extra $600 million in Collection I funding led by Constancy in June, its final spherical of personal funding. Different buyers in Lyft embrace AllianceBernstein, Baillie Gifford, KKR, Janus CapitalG and Ontario Lecturers’ Pension Plan.

Lyft riders took 30.1 million rides in 2018, per the submitting. The corporate has recorded a complete of 1 billion rides and operates in 300 markets.

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