Lyft Surpasses Uber With SEC filing

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Last Thursday, Lyft, a Ride-hailing company, has confirmed that the company has taken its first big step along the road to a listing in the United States of America.

The firm was last valued at approximately $15 billion (£11.7 billion). It said that it has submitted a confidential S-1 form with the Securities and Exchanges Commission (SEC) of the United States of America as it looks to list its stock.

No decision has been made regarding the number of shares that will be listed in the initial public offering of the firm.

Lyft did not disclose the price range that it was targeting when its shares start to hit the market. It is expected to be in the first half of next year.

The firm beats Uber, its rival, to file the forms, as the markets eagerly anticipate the estimated $120bn listing of the larger company. The filing is expected to take place next year.

They are among the many tech firms to launch on the US markets in recent years.

Dropbox was valued at nearly $13 billion when it floated last March. On the other hand, Spotify favoured a valuation of $27 billion in New York to its native Stockholm when it listed last April.

The platform that is used by homeowners that have a spare room or flat to let out, Airbnb, is also anticipated to join the ranks of unicorns listing on the US markets next year.

Two months ago, Reuters reported that Credit Suisse, Jeffries, and JP Morgan Chase have been chosen to underwrite the offering of Lyft.

Lyft was established in 2012, making it three years the junior of Uber.

The listing of both Uber and Lyft are perceived by industry insiders as a test on how firms that have poor profitability will perform on the market.

Rapid geographic expansion together with attempts to attract drivers to the services have pushed down the profits.