Lyft heads for initial public offering

Lyft is readying for an initial public offering of shares as it pushes toward becoming a publicly traded company.

The San Francisco ride-sharing service said it confidentially submitted a draft registration statement for the proposed IPO with the Securities and Exchange Commission.

The number of shares to be offered and the price range for the proposed offering haven’t yet been determined. The company was valued at just over $15 billion earlier this year.