Lyft officially files paperwork for an IPO
Lyft said Thursday that it has filed a confidential draft registration statement with regulators to go public.
It's the first major ride-hailing company to officially launch its IPO, beating its much larger competitor Uber.
Lyft's offering is widely expected to come in early 2019.
Lyft has officially filed paperwork with the top US stock market regulator to go public, the ride-hailing giant announced Thursday morning.
The confidential draft registration statement, submitted to the Securities and Exchange Commission, is the first step to an initial public offering, or IPO, for Lyft.
It's a big step in what's largely considered to be a race to go public between Lyft and its much larger rival Uber. The latter is also considering an IPO next year, but has been coy about the timing of its float.
Lyft did not elaborate on pricing, number of shares, or targeted valuation. Those specifics will come after the SEC completes its review. The actual offering will likely come in early 2019. The company was most recently valued at $15 billion, and a public offering could boost that number.
RELATED: Take a look at the top companies of 2018, according to LinkedIn:
A Lyft spokesperson did not immediately respond to a request for comment from Business Insider.
The company began lining up banks as recently as October, with Credit Suisse assisting with the deal. Other firms reported to be involved are JPMorgan and Jefferies.
Not content with its roughly 35% market share in the US, Lyft has also been branching beyond traditional ride-hailing as it seeks further growth. Last week, it's acquisition of Motivate, the country's largest bike share operator, officially closed. The purchase adds bikes and scooters in most major cities to its arsenal, now known as Lyft Bikes.
Uber, still far-and-away the largest ride-hailing company in the world, is also working towards an IPO next year. It's potential valuation could easily overshadow Lyft's offering, with a reported target of $120 billion.
Unlike Lyft, Uber has self-reported quarterly financials. Most recently, those numbers showed slowing growth and widening losses for the company.
This story is developing...
Do you work at Lyft? Have a tip? Contact this reporter via Signal or WhatsApp at +1 (646) 376-6102 using a non-work phone, email at grapier@businessinsider.com, or Twitter DM at @g_rapier.You can also contact Business Insider securely via SecureDrop.
NOW WATCH: This spray paint lights up at the flip of a switch, but it's not glow-in-the-dark
More from Business Insider:
New York City just became the first US city to set a minimum wage for Uber and Lyft drivers
The company that's empowering ride-hailing drivers already has 20 million miles of data under its belt — and its launch in the US' hottest market should have Uber and Lyft very worried
Uber's new rates are designed to make driver payout more consistent, but some say it has decreased their earnings
