Kristin Sverchek, Lyft general counsel. Photo by Jason Doiy/The RecorderLyft Files to Go Public, Speeding Past Uber in Their Race to an IPO
Lyft has filed to go public, pulling ahead of competitor Uber in the race to an IPO. It's the first time Lyft general counsel Kristin Sverchek has taken a company public.
March 01, 2019 at 03:08 PM
3 minute read
The original version of this story was published on Corporate Counsel
It's official: Lyft Inc. has filed to go public.
The San Francisco-based ride-hailing company filed its long-awaited S-1 with the U.S. Securities and Exchange Commission Friday. Lyft's estimated revenue was more than $2 billion in 2018, according to the filing. The company will be treated as an “emerging growth company,” according to the S-1 filing, which reduces its disclosure obligations.
In the filing, Lyft said it's hoping to raise as much as $100 million.
Lyft's latest move means it could beat competitor Uber in the ride-hailing companies' race to go public. San Francisco-based Uber also plans to go public this year. Being the first to an initial public offering has its potential perks: access to a wider pool of investors, the ability to set industry market price and publicity.
It's the first time either companies' general counsel has launched an IPO. Lyft general counsel and secretary Kristin Sverchek was hired in 2012 with a background in M&A and no experience at a public company. She told Corporate Counsel in November 2017 that Lyft could hire more securities experts in-house following its IPO.
Lyft's S-1 stated Sverchek's October 2012 employment agreement would be filed as an amendment.
Uber chief legal officer Tony West joined the company after three years as PepsiCo's top lawyer. West experienced life in a public company at PepsiCo with quarterly filings and disclosure requirements but didn't launch its IPO.
Sverchek and West aren't anomalies, lawyers said in December interviews with Corporate Counsel. Many GCs at IPO-bound companies lack firsthand experience.
“It is not uncommon for companies who are going public to have a general counsel who has not previously taken a company public,” Shriram Bhashyam, the chief strategy officer, co-founder and former GC of EquityZen, told Corporate Counsel in December. “Often you'll see someone who has been at the company for a few years and they've built up trust with the founder and have alignment around vision and direction of the company.”
Bhashyam said it's more important for chief financial officers to bring IPO experience. According to Lyft's S-1, the company has hired outside counsel from Wilson Sonsini Goodrich & Rosati to help it go public.
Lyft, Uber and Sverchek did not immediately respond to request for comment.
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