Lyft Prices Shares At $72, Gets Valued At $24 Billion Before IPO

Lyft valued at $34.3b in first ride-hailing IPO

Lyft valued at $34.3b in first ride-hailing IPO

Lyft has almost tripled the number of its people its given at least one ride to, from 6.6 million in late 2016 to 18.6 million in late 2018. "While ride-share executives continue to receive vast remuneration packages, and internal employees look forward to an IPO windfall at both Uber and Lyft [.] drivers are squeezed in order to shore up initial offerings to investors".

Lyft's IPO sets the stage for the stock market debut of larger rival Uber Technologies, which sources have said is coming in April. Uber has been told by its investment bankers that it could be valued at as much as $US120 billion.

Despite no near-term profitability in sight for Lyft, its IPO received an overwhelming response.

Despite struggling to turn a profit over the years, ride-hailing service and Uber competitor Lyft decided recently to take itself public.

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The big test was underway Friday as the company's stock begins trading on the Nasdaq exchange under the ticker symbol "LYFT".

Given that the company is going public with 31 million shares to sell off, that could have put Lyft's market capitalization at around $24 billion - a tidy sum for a company that still finds itself buried in debt. Lyft started its IPO investor road show earlier this month with a target range of $62-$68 per share. The shares closed at $78.29, up by $6.29, or 8.7 per cent, valuing Lyft at $26.4 billion.

It's increased its share of the ride-sharing market in the U.S. Reuters reported the IPO was oversubscribed after just two days.

Lyft's revenue was $2.16 billion for 2018, double the previous year's and far higher than $343 million in 2016.

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