Lyft is planning to file for an initial public offering (IPO) next week and it is targeting a valuation of $20 billion to $25 billion.

The Wall Street Journal and Reuters were the first to report about Lyft’s IPO plans based on information from sources familiar with the matter.

In December, Lyft confidentially submitted a draft registration statement related to the proposed IPO of its common stock with the Securities and Exchange Commission (SEC). At the time, the ride-hailing company said it will launch its IPO once the SEC completes its review process.

On Tuesday, the Wall Street Journal reported that Lyft intends to list its shares on NASDAQ by the end of March.

On the other hand, Reuters reported that the ride-hailing company will start its roadshow for its IPO on March 18. The roadshow is expected to last for two weeks. Lyft’s plans are still subject to change and market conditions, according to sources.

Credit Suisse Group AG, Jefferies Financial Group, and JPMorgan Chase & Co. have been working to lead Lyft’s public offering. These banks proposed a target valuation of $18 billion to $30 billion for the ride-hailing company.

Last week, it had been reported that Lyft co-founders John Zimmer and Logan Green are planning to issue supervoting shares for themselves. Such shares provide them more control over the future of the company following its public offering.

The founders of other Silicon Valley companies including Alphabet, Facebook, and Snap hold supervoting shares.

Lyft and Uber are racing towards IPO

In a recent interview with CNN’s Poppy Harlow, Lyft Zimmer said he doesn’t admire Uber, which was valued $120 billion by bankers. Both companies are racing to go public this year. Zimmer is not worried about Uber beating his company to an IPO or the other way around.

He said, “Of all things that we’ve faced over the last six years, this is not something I’m concerned about.” He refused to share information about Lyft’s IPO, but he expressed his belief that “going public brings a certain amount of proper accountability to businesses.”

Most people perceive Lyft as a friendlier ride-hailing company because Uber’s image was tainted with numerous scandals.

The bigger ride-ride hailing company was accused of sexual harassment by its female employees, a major cyberattack cover-up, using stolen technology to develop its autonomous car, among others. The company also suffered employee and executive resignations including its cofounder and CEO Travis Kalanick due to a company-wide investigation of its culture.

During the interview, Zimmer also noted that Uber improved its image under Dara Khosrowshahi, who replaced Kalanick as CEO in August 2017. He said, "At least they've polished the image. I don't know how deep it goes. I don't work there so I don't think it's fair for me to comment."