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Lyft wants to raise $2.1 billion in its IPO this year

Lyft wants to raise $2.1 billion in its IPO this year
[Photo: Thought Catalog/Unsplash]

Uber archrival Lyft hopes to raise as much as $2.1 billion in its IPO later this year. That’s according to a regulatory filing the company made with the U.S. Securities & Exchange Commission. In that filing, Lyft says it plans to offer 30.8 million shares at $62 to $68 each. The shares sold in that private range would value the ride sharer at $18.5 billion.

If Lyft could indeed bring in that much cash from its IPO, it would be the biggest tech IPO in two years, since Snap’s IPO in 2017. As Bloomberg points out, however, things might not be smooth sailing for Lyft right after its IPO. The ride sharer warned in its filing that its expenses are likely to increase and that it may not be able to “achieve or maintain profitability in the future.”

The filing also sheds light on how much control Lyft’s cofounders, Logan Green and John Zimmer, will have after the IPO. The two cofounders will be issued Class B shares. One Class B share equals the voting rights of 20 ordinary shares. While no date for the IPO has been set, the earliest it’s expected is April. Lyft will trade on Nasdaq under the symbol “LYFT.”

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