Lyft sets IPO valuation at $24bn
By Caoimhe Toman
Date: Friday 29 Mar 2019
(Sharecast News) - Ride-hailing company Lyft received a warm welcome as it debuted on Nasdaq on Friday.
Lyft, which is seen as Uber's main rival, had priced its initial public offering at $72 a share for a debut valuation of $24bn, above the original proposed price range of $62 to $68 a share.
The stock revved up 20% in early trading on Friday to $86.4 apiece.
Lyft raised over $2bn on Thursday afternoon after the pricing of its shares and will now have to wait until the Friday open where it will trade under the ticker symbol "LYFT".
Billion dollar start-ups such as Uber, Slack, Pinterest and Postmates are all also expected to go public this year. Lyft will be the first IPO in a year packed of IPOs from the so-called 'unicorns'.
Lyft's public market debut will test drive how these companies will be received by investors.
Last year the company's net loss climbed to $911m in 2018 on revenues of $2.2bn, which is more than any other US startup has lost in the year prior to its IPO.
Launched in 2012, Lyft currently holds 40% of the US ride-sharing market, according to its regulatory filing.
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