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Eager investors are looking for the next stock to provide market-beating gains in 2018, which is why Money Morning readers have been asking, "Can I buy Lyft stock in 2018?"
You can't buy Lyft stock right now, but its business growth and its goal to be a profitable company this year are two reasons to believe Lyft stock will hit the market in 2018…
On Oct. 11, 2017, Lyft touted that it reached 500 million rides, and it's been trimming away at Uber's U.S. share for ride-hailing services.
At the start of 2017, Uber owned 80% of the market.
But by Oct. 30, 2017, that fell to 70%.
However, there's more to consider with buying shares of Lyft than just an increase in rides…
Before making a decision about investing in the IPO, here's everything you need to know about the $10 billion company…
How Lyft Got Started
In 2012, Lyft was founded by Logan Green and John Zimmer.
Green and Zimmer originally started a company called Zimride, which was a ridesharing service for college students looking for long-distance carpools back to school.
But in 2013, the duo sold Zimride to Enterprise Holdings for an undisclosed amount to focus on building Lyft's platform.
And as of 2018, focusing solely on Lyft was the right move…
The ride-hailing service increased its rides in the United States 136%, from 53.3 million rides in 2015 to 162.6 million in 2016.
And those numbers are only going to increase thanks to international expansion…
On Dec. 12, 2017, Lyft extended its services to Toronto, Canada.
And because of Lyft's increase in rides and expansion into Canada, it's fetching a lofty valuation…
Lyft's latest valuation is currently $10 billion.
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That's surprising for value-focused investors, as the company lost $600 million in 2016.
However, some investors are willing to accept that $10 billion valuation, because Lyft plans to be profitable this year, according to Bloomberg.
And because of a Sept. 28, 2017, Reuters report, the Lyft IPO appears imminent…
Lyft Could Go Public in 2018
Lyft is in the process of hiring an IPO advisory firm, according to the Sept. 28 Reuters report.
The advisory firm will help pick the underwriters for the IPO. The underwriters will then help Lyft determine an IPO offering price.
The IPO offering price is a discounted stock price, and it will only be available to big banks and hedge funds before it's sold to the public.
According to the report, Lyft completed its interviews for an IPO advisory firm and planned to make its selection shortly.
Who Is Dara Khosrowshahi?
When Lyft finally sets an IPO date, we want our readers to be prepared.
Before buying Lyft stock, here's what Money Morning Director of Technology & Venture Capital Research Michael A. Robinson wants you to know.
His 30-year track record as a leading tech analyst has garnered him rave reviews, so you can't afford to miss what he has to say…