What Lyft?s IPO means for cities
Lyft will be the first ride-hailing app to go public Lyft will best its longtime rival Uber by becoming the first ride-hailing app to go public, The Verge reports.
The race to go public between the two ride-hailing giants started started months ago. Last December?on the very same day?both companies filed the preliminary paperwork for an initial public offering (IPO), signifying it was just a matter of time before one of the companies made the announcement. Today, the official S-1 document has been filed with the Securities and Exchange Commission.
As the fast-growing underdog, Lyft currently has 38 percent of the U.S. market share, which equals about 18.6 million ?active riders,? according to company data. The company also only currently operates in the U.S. and Canada, in about 350 cities, compared to Uber?s global foothold. Lyft now faces some potential advantages?and some serious challenges.
The choice to go public comes at a time when Lyft is building on its decade of providing ride-hailing in private cars by investing in new modes of transport. Lyft has sought to help its users reduce car use from the beginning, as the company was founded around the idea that on-demand rides might wean users off car ownership. But only recently has it provided tools that help users choose other modes, like in-app public transit directions.
Last summer, after a pilot program in Chicago, the company expanded its ?Ditch Your Car Challenge? to 35 cities, where users could sign up fo...
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