Lyft Chooses J.P. Morgan to Lead its IPO and Will Launch All-Access Pass

According to a CNBC report, ride hailing company Lyft has selected J.P. Morgan to lead its intial public offering.

It is an IPO that could value the company over $15 billion in the public markets and is scheduled for early 2019 said a source familiar with the situation.

Lyft raised $600 million in Series I funding earlier this year, giving it a value of $15.1 billion.

Rival Uber is also planning its own IPO around the same time and a Wall Street Journal report has said that banks have suggested to Uber that it could be valued as much as $120 billion.

The WSJ also said on Tuesday that Lyft’s third-quarter losses jumped to $254 million from $195 million a year earlier. Revenue however grew to $563 million from $300 million over the same period.

Lyft also announced this week that it is rolling out a new 30-day ride subscription called All-Access Pass that offers free or discounted rides for $299 upfront.

With the pass riders will be able to take 30 free rides each month, as long as those rides would cost $15 or less each. You would have to pay the difference if you take a more expensive ride and the 31st ride and on for the rest of the month are discounted 5 percent.

“This is the first step toward delivering on our goal of making car ownership optional, and we’re constantly looking for more ways to provide passengers with the easiest, most convenient options possible,” Lyft said in the announcement.