Lyft has confidentially filed for an initial public offering (IPO), pulling out ahead of its ride-sharing competitor Uber in the race to go public.
Lyft announced in a statement Thursday that it has not yet decided how many shares will be offered or how far the price will range, but that it has submitted early documentation for the IPO.
Ride-sharing services have drawn billions of venture capital dollars, but have yet to be tested in a wider investor market.
{mosads}Uber is trying to get an IPO in the first half of 2019, people familiar with the matter have told Bloomberg.
Lyft is aiming to lead an IPO in the same timeframe, people familiar with the matter told the outlet in October.
The banks working with Lyft – JPMorgan Chase & Co., Credit Suisse Group AG, and Jeffries Financial Group Inc. – have valued the company from $18 billion to $30 billion, sources told Bloomberg.
Lyft has added a number of executives since it was founded in 2012, including Anthony Foxx, Obama’s Transportation secretary, in October along with Dan Katz, chief of staff at the Transportation Department under Foxx.