Lyft, the famous ride-hailing firm launched in 2012, is about to transform into a publicly traded company as it had moved closer to listing its shares in the stock market. It has filed paperwork with the US authorities for the IPO or Initial Public Offering. Though the price range and the total number of shares to be offered are yet to be disclosed, the IPO will be established during the initial part of the upcoming year. Uber is also expected to float in the upcoming year, which is the primary rival of Lyft.
Lyft was founded by Logan Green and John Zimmer, the technology entrepreneurs as a ride-hailing company, three years after the launch of Uber. It is a smaller enterprise with a limited global presence and the worth of the assets of the company is £11.75 billion or $15 billion. On the other hand, the value of Uber is over $120 billion, which is a giant in the industry.
Uber has been ruling the market since its onset but Lyft has gained a considerable pace in the past 2 years as the former was hit by a series of controversies regarding the ill practices of data collection and aggressive corporate culture.
To the relief and joy of the latest inclusion in the ride-sharing market, Second Measure, a research firm has confirmed that in the US, Lyft is now accountable for around 30% of the rideshare revenue which was 23% in the previous year.
In 2017, the organization had earned revenue of $1 billion in spite of continuing to travel on the path of loss. One of the spokespeople from Lyft stated that the commencement of the initial public offering is expected to initiate after the review process on behalf of SEC is completed, which is dependent upon the market ambiance and other factors.