Markets

Lyft files for $100 million IPO

Lyft files for $100 million IPO

For drivers who are in good standing and had completed between 10,000 and 20,000 rides by February 25, 2019, Lyft will offer a bonus of $1,000.

Dual-class share structures are increasingly common among technology companies, although Uber got rid of its dual-class stock as part of a broader governance reform. Under the potential risk factors listed in its filing with the Securities and Exchanges Commission, Lyft warns that its expenses are likely to increase and that it may not be able to "achieve or maintain profitability in the future".

Early reports suggest Lyft is expected to secure over $100 million from the IPO and is forecasting a valuation of around $20 to $25 billion.

The bookings on the Lyft app surged from $1.9 billion to $8.1 billion in the same time frame, by 326 percent.

But that all depends on investor demand.

Lyft, the ride-hailing giant based in the US, has officially filed its S-1 IPO registration and is set to be listed on the NASDAQ by April, before Uber.

Kim Jong-un impersonator deported from Vietnam ahead of summit
On US sanctions against the North, Pompeo said the Trump administration has not changed the conditions for them. President Donald Trump and North Korean leader Kim Jong Un will take place in Hanoi on February 27 and 28.

Lyft said it earned $2.2 billion (roughly Rs. 15,600 crores) in revenue previous year, doubling what it made in 2017, according to the regulatory filing. Lyft ridership soared to 18.6 million as of December, up from 12.6 million in 2017 and 6.6 million in 2016. In replacement, Lyft is giving out cash bonuses to some drivers with "good standing", which can be (but doesn't have to be) spent on shares.

That's why Muntz said Lyft should take into account other factors, such as how long a driver has been working for the company and how much money they are bringing in, when deciding which drivers are eligible for the bonus.

With 39 percent share on the US market past year, Lyft is expected to be listed on the Nasdaq, and earlier media reports estimated the ride-sharing service provider could be valued at around 20 billion dollars in its IPO. The company is aiming for a market valuation of $20 billion to $25 billion, a person familiar with the matter said last week, meaning the listing could be the biggest from a tech upstart since Snap Inc. went public two years ago - and might even top that.

Lyft has been eager to emphasise its growth to investors over its total revenue, which is dwarfed by Uber. The company is expected to go public this year as well with a reported market capitalization of up to $120 billion.

Getting the option to buy stock at the IPO price provides workers an advantage over other investors because about 75 percent of companies' shares go up immediately after they can be publicly traded. Its revenue for the year was $11.3 billion and ride bookings were $50 billion. In fact, the increase in the number of riders has slowed over the past few quarters. Uber and Lyft have been subject to similar attacks on their business model, which classifies drivers as contractors and not employees.

FILE PHOTO: An illuminated sign appears in a Lyft ride-hailing vehicle in Los Angeles, California, U.S. September 21, 2017. The company's largest shareholder is Rakuten Inc, a Japanese internet company that invested in Lyft in 2015 and made several subsequent investments, and owns a more than 13 percent stake.


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