The Lyft app is displayed on an iPhone in New York, New York, the US, February 24 2019. Picture: GABBY JONES/BLOOMBERGLyft filed documents on Friday for its stock offering, racing ahead of ride-sharing rival Uber for a Wall Street listing that sets the stage for a series of big venture-backed tech firms to hit public markets.
“We are laser-focused on revolutionising transportation and continue to lead the market in innovation,” Lyft said in its filing, setting a preliminary target of raising $100m, a “placeholder” figure likely to be revised higher. Lyft added that its future plans are multimodal and involve using shared bikes and scooters for shorter rides, while enabling users to see transit options on its mobile application.The document said Lyft had completed more than 1-billion rides since its inception in 2012 and had bookings in 2018 of $8.1bn.Lyft’s mission, according to the statement, revolves around reducing the number of cars on roads, and includes a path towards self-driving vehicles.
“We were the first to launch a publicly available commercial autonomous offering in the US,” the company said. Lyft said it will seek to maintain its policy that drivers are independent contractors while noting that any legal challenge to this could have adverse consequences. Lyft’s IPO is the first of the so-called sharing economy, start-ups which have been transforming some industries, with listings expected this year from the other giants in the field, Uber and Airbnb.
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