Lyft has actually formally submitted documentation with the leading United States stock exchange regulator to go public, the ride-hailing giant revealed Thursday early morning

The personal draft registration declaration, sent to the Securities and Exchange Commission, is the primary step to a going public for Lyft.

It’s a huge action in what’s mainly thought about to be a race to go public in between Lyft and its much bigger competing Uber, which is likewise thinking about an IPO next year however has actually been coy about the timing of its float.

Lyft did not elaborate on rates, variety of shares, or targeted appraisal. Those specifics will follow the SEC finishes its evaluation. The real offering is most likely to come early next year. The business was most just recently valued at $15 billion, and a public offering might increase that number.

Learn More: Lyft has a ‘clear early mover benefit’ in beating Uber to an IPO

A Lyft agent did not instantly react to an ask for remark from Company Expert.

The business started lining up banks as just recently as October, with Credit Suisse helping with the offer. Other companies reported to be included are JPMorgan and Jefferies.

Not content with its approximately 35% market share in the United States, Lyft has actually likewise been branching beyond conventional trip hailing as it looks for more development. Recently, its acquisition of Motivate, the nation’s biggest bike-share operator, formally closed. The purchase includes bikes and scooters in the majority of significant cities to its toolbox, now referred to as Lyft Bikes

Uber, still the world’s biggest ride-hailing business without a doubt, is likewise pursuing an IPO next year. Its appraisal might quickly eclipse Lyft’s offering, with a reported target of $120 billion Unlike Lyft, Uber has self-reported quarterly financials. Most just recently, those numbers revealed slowing development and widening losses for the business

Lyft, which is likewise not successful, generated $563 million in profits throughout the 3rd quarter– up from $300 million in the very same duration a year back– however with losses increasing to $254 million from $195 million. The business anticipates to have full-year profits of $10 billion to $11 billion, sources informed Bloomberg.

Regardless of the distinctions, so-called “very first mover benefit” might be substantial for Lyft, one expert informed Company Expert, including that the business’s economics appear to be in much better shape than those of Uber’s.

IPO appraisals can alter considerably in the lead-up to a public offering. Snap, for instance, was believed to be valued as high as $40 billion ahead of its IPO in 2017, however that number ultimately fell by about half, to $20 billion.