Lyft IPO Priced At $72 Per Share, Top Of Range


Enlarge ImageLyft's driver service centers will be staffed by Lyft employees some of which will be certified mechanics. Lyft

It will mark the first time that most people who have used their smartphone to summon a vehicle dispatched by Lyft or Uber will have a chance to make a bet on whether the ride-hailing phenomenon will continue to transform transportation and eventually become a major money maker.

The IPO exceeded expectations on Thursday, raising $2.34 billion and placing its value at $24 billion.

Lyft, the second largest USA ridehailing firm, will begin trading at Nasdaq on Friday, after pricing its IPO at $72 per share - at the top of the range.

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The real test will come when the stock hits the public market for its first day of trading -- and beyond. It will be interesting to see if Lyft manages to keep investors' optimism alive after it starts trading on the NASDAQ today. The success of the IPO will give Lyft more room to maneuver against its larger rival, Uber Technologies, which will have its own initial public offering next week.

Unlike Uber, which has developed its own self-driving division, Lyft has chosen to strike partnerships to expand in the sector, including with auto parts suppliers Magna International Inc and Aptiv Plc. While Lyft's public offering received an overwhelming response, not everyone wanted to invest in it.

They have also sought to become broader transportation platforms that connect consumers to e-scooters, electric bikes and local transit systems.

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The two ride sharing services are leading what market observers call a "stampede" of hot closely held companies that are flooding markets with newly liquid shares.

Boeing rose 1.9 percent, boosting the industrials sector. But analysts point out that competition is growing and that any investment may be risky. Our net loss was $682.8 million, $688.3 million and $911.3 million in 2016, 2017 and 2018, respectively, and our Contribution was $82.0 million, $400.9 million and $920.8 million in 2016, 2017 and 2018, respectively.

Our revenue was $343.3 million, $1.1 billion and $2.2 billion in 2016, 2017 and 2018, respectively, representing year-over-year growth of 209% from 2016 to 2017 and 103% from 2017 to 2018. "The tech IPOs are really going to get the market moving".

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Lyft's valuation makes it the biggest company to go public since Alibaba Group Holding in 2014. Its ticker symbol is LYFT.

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