Lyft becomes the first ride-hail company to go public, beating Uber

Lyft filed IPO documents with the Securities and Exchange Commission Friday, beating its main rival Uber in the race to become the first app-based ride-hail company to go public.

The company, which got its start as a college carpooling service called Zimride in 2007, says it has achieved 39 percent market share in the US as of December 2018, up from 22 percent in December 2016. This new growth comes from new riders and drivers, as well as more frequent rides from existing users. For the quarter ended December 31, 2018, Lyft says it had 18.6 million “Active Riders” and over 1.1 million drivers.

Lyft has been aggressively courting riders by heavily discounting its fares in the run-up…

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