Ride hailing company Lyft released its initial public offering prospectus on Friday, revealing its financials for the first time.
The company has applied to list on the Nasdaq under the ticker symbol "LYFT," and seeks a valuation between $20 billion and $25 billion, according to Reuters. The listing will be considered a test as to how investors value an entirely new category of company.
While losses widened by more than 30 percent to $911 million in 2018, revenues nearly doubled to $2.2 billion from the year before. Bookings also rose 76 percent to $8.1 billion. Lyft also reported it had 30.7 million riders in 2018 and 1.9 million drivers that same year.
Lyft has been neck-and-neck with its much larger rival Uber to be the first ride hailing company to debut on the public markets. Uber, which has been told by investment bankers it could be worth as much as $120 billion, filed its confidential paperwork on the same day as Lyft in December.