Lyft on Thursday morning announced it had filed confidential public stock offering documents to be reviewed by the Securities and Exchange Commission. This suggests it could go public by January. We do not know exactly how the Lyft documents communicate to investors about its various risk factors, whether it is interested in entering tangential businesses like delivery and why it is investing so much in autonomous vehicle development, which is a notoriously hard field. We also are curious about the voting rights of its major VC shareholders. And we are going to take a wild guess that its stock ticker will be LYFT.
But much of what we would normally look for in IPO docs is already out, because some of Lyft’s finances have previously been reported. Lyft now has to explain how a business that is perpetually at war with a much bigger Uber in the U.S. will turn profitable as the companies try to draw down their long-running price war.