Lyft overtakes Uber on road to market float with SEC filing

Ride-hailing firm Lyft has taken its first big step along the road to a US listing, the firm confirmed today. 

The company, which was last valued at around $15bn (£11.7bn), said it has submitted a confidential S-1 form with the US Securities and Exchanges Commission (SEC) as it looks to list its stock.

No decision has been made on how many shares will be listed in its initial public offering.

Lyft did not reveal the price range it was targeting when its shares hit the market, expected to be in the first half of 2019.

The company beats rival Uber to file the forms, as markets eagerly anticipate the larger company’s estimated $120bn listing, expected to take place next year.

They are among several tech companies to launch on US markets in recent years.

Dropbox was valued at almost $13bn when it floated in March, while Spotify favoured a $27bn valuation in New York to its native Stockholm when it listed in April.

Airbnb, the platform used by homeowners with a spare room or flat to let out, is also expected to join the ranks of unicorns listing on US markets in 2019.

JP Morgan Chase, Credit Suisse and Jeffries have been chosen to underwrite Lyft's offering, Reuters reported two months ago.

Lyft was founded in 2012, making it three years Uber’s junior.

It and Uber’s listings are seen by industry insiders as a test of how companies with poor profitability will perform on the market.

Rapid geographic expansion, coupled with attempts to attract drivers to the services have pushed down profits.