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Lyft files with U.S. regulator for IPO

Staff Writer |
U.S. ride-hailing company Lyft officially filed a registration statement with the U.S. Securities and Exchange Commission (SEC) for an initial public offering (IPO).

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Lyft on Friday offered a generous cash bonus program for some of its eligible drivers for their dedication and contribution to the company amid its bid to file for an initial pubic offering (IPO) with federal regulators.

Lyft said drivers who had completed at least 20,000 rides on its platform as of Feb. 25, 2019 would receive a maximum 10,000 U.S. dollars.

Other drivers who had run at least 10,000 trips or served on the company's Driver Advisory Council, a unit that receives feedback from drivers, will be offered 1,000 dollars in cash bonus, Lyft said.

It added that the recipients of the bonus can either keep their cash or use their bonus to purchase shares of Lyft's Class A common stock in its proposed IPO at the listing price.

The bonuses are expected to be paid to on March 19, 2019, said the company.

In its IPO prospectus registered with the SEC, Lyft said it earned 2.2 billion U.S. dollars in revenue in 2018, an increase from 1.1 billion dollars in the previous year.

The U.S. second largest ride-sharing company said it booked 8.1 billion dollars in 2018, up 76 percent from 2017, but it incurred 911 million dollars in net loss last year, up 32 percent over the year earlier.

Lyft had 30.7 million riders and 1.9 million drivers, with more than 300 markets in the United States and Canada in 2018, according to the filing with the SEC on Friday.

With 39 percent share on the U.S. market last year, Lyft is expected to be listed on the Nasdaq, and earlier media reports estimated the ride-sharing service provider could be valued at around 20 billion dollars in its IPO.

Investors such as JPMorgan Chase, Credit Suisse and Jefferies will be the primary underwriters for Lyft to go public on the Nasdaq.

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