Lyft files for $100 million IPO

Lyft has filed for an initial public offering that would raise $100 million, according to securities filings.

The ride-hailing company would be traded under the ticker “LIFT,” and is seeking to create a dual-class stock structure that would concentrate voting power in the company’s founders, Logan Green and John Zimmer.

The entire company could be valued at $20 to $25 billion, Reuters previously reported.

Lyft lost $978 million on $2.2 billion in revenue last year. Like its larger competitor, Uber, Lyft has never been profitable. It is the subject of several lawsuits from drivers and the state of California over its treatment of drivers, who the company maintains are not employees. Lyft and Juno, a smaller ride-hailing company, are also suing New York City over its imposition of a minimum pay standard for drivers last year.

Uber and Lyft filed confidentially for an IPO late last year, but did not disclose details of the filing.

This is a developing story

Categories: US & World News

Leave a Reply

Your email address will not be published. Required fields are marked *