Lyft files to go public

Lyft filed the paperwork with the Securities and Exchange Commission (SEC) to go public on Friday, beating rival Uber as the first of the two ride-sharing companies to start an initial public offering.

The company is seeking to raise $100 million in the IPO, but that figure could change.

Lyft said it brought in $2.2 billion in revenue in 2018 — double the turnover from 2017 and more than three times what it made in 2016 — but registered a net loss of $911 million for the year.

The filing warned that profitability is one of the risks Lyft faces. “We have a history of net losses and we may not be able to achieve or maintain profitability in the future,” it said.

What about the drivers? The company also said it would help longtime drivers cash in on the offering. Drivers who have given more than 10,000 rides will get a one-time bonus of $1,000 and those with more than 20,000 rides will get $10,000.