Lyft Prices IPO at $72 Per Share to Reach $20.5 Billion Valuation
Lyft officially prices its initial public offering at the top of its expected range, valuing the ride-hailing company at over $20 billion. The stock begins trading Friday as the first of several major tech start-ups to go public this year.
Lyft prices its initial public offering at $72 per share, hitting the top of its expected range and valuing the ride-hailing company at more than $20 billion. The company offers 32.5 million shares and prepares to start trading on the Nasdaq on Friday under the ticker symbol "LYFT."
Despite doubling its revenue to $2.2 billion in 2018, Lyft reports a net loss of $911 million for the year. The company holds 39 percent of the U.S. ride-hailing market but faces formidable competition from its chief rival, Uber, which is expected to file its own public offering documents next month.
Founded in 2007 by Logan Green and John Zimmer, Lyft leads a wave of maturing tech start-ups entering the public market this year. Other highly anticipated companies joining the 2019 IPO pipeline include Pinterest, Zoom, and Slack, with J.P. Morgan, Credit Suisse, and Jefferies acting as the lead underwriters for Lyft's offering.