Lyft files for IPO, as ride-hailing firm hikes rivalry with Uber

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Pay raise for Uber, Lyft drivers; Burger King Whopper deal

Morning Business Outlook: Uber and Lyft drivers in New York City are getting a pay increase after the city's Taxi and Limousine Commission set a $17 minimum wage for rideshare drivers, a move which could drive up prices for passengers; Burger King is offering penny Whoppers through the BK app for customers but they have to be within 600 feet of a McDonald's to get the deal.

Ride-hailing company Lyft said Thursday it filed paperwork with the Securities and Exchange Commission (SEC) for a proposed initial public offering (IPO) of its common stock.

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The number of shares to be offered, the nominal value of the shares and the timing of the IPO were not immediately known. A request to the San Francisco-based company for elaboration was not immediately answered.

Lyft raised enough capital to increase its valuation to $15.1 billion, The Wall Street Journal reported in June.

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The SEC filing escalates the company's rivalry with Uber, which has been struggling with scandals. It has been widely expected that both companies would raise funds by going public to fund expansion.

Uber came under fire more than a year ago after public scrutiny into the company’s workplace culture that many said included sexual harassment and discrimination. CEO Travis Kalanick was eventually ousted in June 2017, along with a slew of senior leaders, according to the New York Times.

Lyft was started in 2012 and operates in some 300 American cities.