Joele Frank supports Lyft IPO

The ride-hailing app wants to raise $100 million in what could be one of the first notable tech IPOs of 2019.

SAN FRANCISCO: Joele Frank is supporting Lyft’s initial public offering, an agency representative confirmed on Friday.

The IPO, through which Lyft wants to raise as much as $100 million, would make the company the first ride-hailing platform to go public. It could also kick off what is expected to be a robust IPO season for tech companies.

In its S-1 filing, Lyft said it has 39% of the ride-hailing market. It reportedly has a goal of a $20 million to $25 million valuation when it goes public, up from $15 million during a 2018 funding round.

Lyft is reportedly planning to give its drivers cash bonuses to buy stock. The move could allow it to circumnavigate a Securities and Exchange Commission rule that prohibits private companies from giving shares to freelancers, according to The Verge.

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