Ride-hailing service Lyft will be the first of the big U.S.
brands to test their model on the public financial markets.
The company filed for an initial public offering with the
Securities and Exchange Commission on Thursday.
It has not disclosed how many shares it is attempting to
sell or the price range of the offer.
Reuters claims the company is looking to list during the first
half of 2019.
Barring a speedier action by its arch rival, Lyft's IPO
would be available to investors ahead of the widely expected move to the public
markets by Uber, also expected in 2019.
The IPO process and roadshow is expected to begin after the SEC
has completed its statutory review process.
To date, Lyft has raised $4.9 billion in funding -- some $19
billion less than Uber.
The company has made a concerted attempt during 2019 to
shift gears into other areas, pushing hard with its business travel unit and
also buying into bike-sharing business Motivate.
It has been a similarly busy 12 months for the ride-hailing
sector generally, with a string of major funding moves and regional
Asia-Pacific giant Grab secured a $1 billion investment from
Toyota in June (plus $200 million from Booking Holdings in October), Chinese
brand Didi brought in a mammoth $4 billion round in December 2017, and Uber
scaled back its operations in the same region, conceding ground to Grab.
At the more modest end of the spectrum, Getaround nailed
$300 million in August.