The company released its financial details for the first time on Friday, giving the public a glimpse into its performance before deciding whether to buy into a transportation trend that has changed the way tens of millions of people get around.
While the company did not specifically say what it expects to price at, a previous Reuters report suggested it is seeking a valuation as high as $25 billion.
Lyft will list on the Nasdaq using the ticker symbol LYFT.
Lyft's IPO is being led by JPMorgan Chase & Co., Credit Suisse Group AG and Jefferies Financial Group Inc.
The company reported $2.2 billion in revenue in 2018, however, it lost $911 million over the same time period.
They will also test whether the money-losing businesses can withstand wider investor scrutiny, along with prospects for the cadre of marquee Silicon Valley names pursuing listings.
However, losses have widened from $682.8m in 2016 to $688.3m the year after and $911.3m in the last 12 months. After Lyft filed to go public Friday, we learned that like its competitor, ride-hailing executives also gave rides on its platform in the past two years.
In its early days, Lyft drivers decorated the grilles of their cars with pink moustaches to friendly vibe, and its drivers now display a logo in the windshield with a pink background.
Speaking on Yahoo Finance, Jay Ritter, University of Florida Cordell Professor of Finance, said that the IPO of Lyft before Uber could provide the company with more visibility that may allow the firm to achieve a bigger valuation from the IPO. Uber, which struggled with public relations setbacks in the past, expects to file its IPO later this year.
Lyft has been eager to emphasize its growth to investors over its total revenue, which is dwarfed by Uber. The service is active in more than 300 markets in the United States and Canada, and Lyft said it had 39 percent of the United States ridesharing market in December, up from 22 percent two years before. Competition could also post threats to the business, Lyft warned.
"The growth rate in Revenue per Active Rider increased significantly in the first and second quarters of 2017 as our brand and values continued to resonate with riders and they increased their usage of Lyft instead of competing offerings."
The company's IPO includes a dual-class stock structure, with one class of shareholders getting 20 votes per share and another getting just one vote per share.
Lyft's filing says that its co-founders - CEO Logan Green, 35, and President John Zimmer, 34 - will keep significant control of the company after it goes public and "will be able to significantly influence any action requiring the approval of our stockholders", including the election of board members, a merger, asset sales or other major corporate transactions.
FILE PHOTO: An illuminated sign appears in a Lyft ride-hailing vehicle in Los Angeles, California, U.S. September 21, 2017.
Most drivers work for both Lyft and Uber, switching off depending on which app gives them a ride first.