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Lyft files confidential IPO plans with SEC

The ride-hailing service is in another race with rival Uber.


Lyft is inching closer to an initial public offering.

Angela Weiss / AFP / Getty Images

Lyft is getting ready to ride the stock market.

The ride-hailing service on Thursday said it has confidentially submitted a draft registration statement with the US Securities and Exchange Commission for an initial public offering.

Lyft said it hasn't yet determined how many shares will be offered or what the price range will  be. The IPO is expected to begin after the SEC reviews the plan, according to Lyft's statement.

The San Francisco-based company didn't immediately respond to a request for more details.

Founded in 2012, Lyft is one of best-known ride-hailing services with more than 1 million drivers in the US and Canada. The company's 375.5 million rides last year were a 130 percent increase over 2016.

Lyft rival Uber is also heading toward an IPO in 2019. In October, Uber was valued at up to $120 billion for an IPO. 

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