Ride-hailing company Lyft was scheduled to go public on Friday with an initial public offering of 32.5 million shares, priced at $72 per share, CNBC reported.
Shares are expected to start trading on the Nasdaq on Friday, under the ticker “LYFT.”
Founded by CEO Logan Green and President John Zimmer in 2007, Lyft launched its ride-hailing app in 2012. In its earlier years, Lyft operated a service called Zimride that focused on long-distance, shared car rides and car-sharing programs on college campuses.
The company faces formidable competition from Uber, according to its S-1 filing released earlier this month. Lyft claimed 39 percent of the U.S. market at the end 2018, up 17 percentage points over two years, it said in the filing.
In 2018, Lyft reported:
- Net loss: $911 million, wider by 32 percent from 2017
- Revenue: $2.2 billion, double the revenue it saw in 2017
- Bookings: $8.1 billion, an increase of 76 percent from 2017