Lyft files for Initial Public Offering (IPO), to give $10,000 bonus to certain drivers

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Source: Lyft Press Kit

Lyft submitted its registration for initial public offering (IPO) with the Securities and Exchange Commission (SEC) on Friday. The company beat its larger competitor Uber in the race to go public.

In its Form S-1 filing, Lyft stated that it will be listing its stock on the NASDAQ under the ticker “LYFT.” It is seeking to raise as much as $100 million in its IPO.

The company intends to use the need proceeds from its IPO for general corporate purposes including working capital, operating expenses and capital expenditures. It may also use a part of the net proceeds to acquire or invest in businesses, products, services, or technologies.

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Prior its public offering, Lyft wants to give one-time cash bonuses to its drivers, who made significant contributions to its success.  Drivers in good standing who completed at least 20,000 rides on its ride-sharing platform as of February 25 this year will receive $10,000.

Drivers who completed at least 10,000 rides or those serving on or have served on the company’s Driver Advisory Council as of February 25 this year will get $1,000.