So finally the ride hailing service lyft has unveiled it S-1( for those non-techies in the house, an S-1 is the official document required by the Securities and Exchange Commission to go public).
The San Francisco-headquartered business will debut on the Nasdaq stock exchange under the ticker symbol “LYFT.” JPMorgan Chase & Co., Credit Suisse Group AG and Jefferies Financial Group Inc. will lead the initial public offering expected to value Lyft at upwards of $20 billion(now that whay am talking about)8, a significant leap from its most recent private valuation of $15.1 billion.
It was reported that the company saw an amazing $2.2 billion in revenue for 2018, that double it revenue in 2017 which was $1 billion. Although there was still something else, The company posted a net loss of $911 million on the $2.2 billion in revenue and a $688 million loss on 2017’s $1 billion(now that just sad).
Lyft currently holds 34 percent of the U.S. ridesharing market, a figure the company has beenworking tirelessly to increase as it gears up for its IPO. The remaining 66 percent is held by, ya you guessed it, uber. Lyft has raised a total of $5.1 billion in venture capital since it started in 2007. They also raised an additional $600 million in Series I funding led by Fidelity in June, its last round of private investment. Other investors in Lyft include AllianceBernstein, Baillie Gifford, KKR, Janus CapitalG and Ontario Teachers’ Pension Plan.
They also recorded a 30.1 billion rides in 2018 only( that quite a lot of rides). Dont forget to like, share and follow us on our social medium platforms.👍
