One of the major rivals of Uber, Lyft, said it has filed for an initial public offering, IPO.
According to the Wall Street Journal, Lyft is aiming to debut in March or April next year, according to people familiar with the matter. By filing with the Securities and Exchange Commission now, the company should have enough time to answer questions from the agency and keep to its schedule.
Lyft, which is much smaller than Uber, is widely expected to beat its ride-hailing rival to a listing, and in doing so would afford public investors their first opportunity to buy into the fast-growing industry.
The IPO will be a test of how such investors value the industry’s players. Uber, Lyft and a host of other ride-hailing firms have received vast amounts of money from private investors at high valuations but still need a lot more capital as they continue to generate big losses.