Lyft filed the paperwork for an initial public offering (IPO) Friday, leaping ahead of rival Uber as both ride-hailing companies race to go public. The company also continues to subsidize rides to attract riders and offer bonuses to enlist drivers.
Its net loss in 2018 came to $911.3 million.
Reuters reported Lyft will launch its road show around 18 March, where the company will meet with prospective investors to drum up demand for its shares.
Lyft beat Uber in the race to the public market by filing for its US initial public offering on Friday.
Both Lyft and Uber have faced criticism for disrupting traditional taxi services and for using the model of drivers as independent contractors.
Startups go public as a way to continue to grow the company, raise additional capital and potentially pursue mergers and acquisitions.
Lyft said its USA market share has swelled to 39 percent, up from 22 percent two years ago.
Every Pirate Camp Location in Fortnite (Season 8)
The most interesting thing about the image, though, is that we can see where the first Battle Star of Fortnite Season 8 will be. But before this happens, kicking off new events and updates in the Fortnite world, a fan created trailer has been revealed.
Trump derides 'fake' hearing, but says Cohen truthful on 'no collusion'
He likened the president to a "mobster" who demanded blind loyalty from underlings and expected them to lie on his behalf. This could include US President Donald Trump's son, Donald Jr, as well as former Trump CFO Allen Weissleberg.
U.S. Treasury Sanctions Venezuelan Officials for Blocking Humanitarian Aid
Guaido continued on to Brazil, where he met with the new right-wing president, Jair Bolsonaro, and on Friday traveled to Paraguay. The sanctions block any assets they have in USA jurisdictions and bar Americans from conducting financial transactions with them.
Uber in 2018 lost $1.8 billion before taxes, depreciation and other expenses, an improvement over the $2.2 billion loss posted in 2017.
At the same time, a letter from co-founders Logan Green and John Zimmer stressed that Lyft's mission was to "redesign our cities around people, not cars", by drawing riders into its ride-sharing vehicles where they can be "comforted by their driver's kind words", or find common ground on opposing political views.
"We believe this is a key indicator of the utility of transportation solutions provided through our multi-modal platform, as well as the scale and growth in our business", the company said in the filing.
"Lyft is dwarfed by Uber, but it's clearly growing and edging into Uber's customer base", Kennedy said.
Lyft does not expect to make much in the near future on its expansion into bike and scooter renting.
The largest threats Lyft expects to face include competition from market leader Uber, an unpredictable market, autonomous technology, more aggressive regulations, and liabilities regarding driver and passenger behavior. The company's revenue of $2.2 billion past year represents Lyft's slice of the bookings. Uber is expected to be seeking as much as $120 billion in its IPO.
"The growth rate in Revenue per Active Rider increased significantly in the first and second quarters of 2017 as our brand and values continued to resonate with riders and they increased their usage of Lyft instead of competing offerings."Industry giant Uber is in control of the other 66 percent of the ride-hailing market in the US.
Lyft will offer cash bonuses of up to $10,000 to some of its most active drivers with the option to purchase shares in the IPO, a bid to improve relations with drivers. 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.