San Francisco-based ride-sharing company Lyft has filed documents with the U.S. Securities and Exchange Commission relating to a proposed initial public offering for an undetermined number of shares of its Class A common stock. The price range for the stock also has yet to be determined.
Detroit’s General Motors Co. made a $500-million investment in Lyft in January 2016.
Lyft has applied to list its common stock on the Nasdaq Global Select Market under the ticker symbol LYFT.
The company also announced it will be paying its most dedicated drivers bonuses as recognition for their contributions to its success. Drivers who have completed at least 10,000 rides will get a $1,000 bonus, and those who have completed 20,000 rides will get $10,000; and those in good standing who are serving on, or who have served on, its Driver Advisory Council, will get $1,000. The bonuses are expected to be paid on or about March 19.
In addition, Lyft announced that these same drivers would be given the opportunity to use their bonuses to purchase shares of Lyft’s Class A common stock in the proposed IPO at the initial IPO price through a directed share program. While these drivers may choose to use their bonus to purchase shares through the directed share program, they are under no obligation to do so, according to the company.