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

Posted March 30, 2019

The increase boosted the value of Logan Green's and John Zimmer's holdings to about $800 million and $600 million respectively, according to calculations by the Bloomberg Billionaires Index. "I think it's a good sign all the way around, if there's a successful IPO and others coming in the pipeline after that".

During its IPO road show, Lyft said it was targeting a valuation ranging from $20 billion and $25 billion.

At the mid-point of its new target range, US$71 per share, Lyft would raise roughly US$2.1 billion for its Nasdaq listing. Facebook shares are up more than 300 percent since their first day of trading, and after Etsy struggled for its first three years as a public company, its shares have more than doubled since they started trading.

Lyft posted a loss of $911 million in 2018 versus $688 million in 2017, despite revenue doubling in 2018 to $2.16 billion.

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The IPO is seen as a litmus test for a number of technology flotations that are expected this year, including Lyft's bigger rival Uber which could be valued at as much as $120bn when it lists its shares. The firm priced its shares at $72 on Thursday, from an earlier range of $62 to $68.

Lyft's market value now stands at $24 billion, which will quickly change Friday after the shares begin to trade.

Since then, Lyft has launched several initiatives outside of the ride-hailing space, including carpool rides, bikes and scooters for rent, and self-driving cars.

JPMorgan Chase & Co. led the offering with Credit Suisse Group AG and Jefferies Financial Group Inc.

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And it's not just tech companies. It's concentrated on being a stable transportation-focused company and hasn't experienced the same amount of turmoil as Uber, which generated so many bad headlines that a #DeleteUber movement cropped up two years ago.

That growth helped offset concerns about losses among would-be investors, who packed into Manhattan's St. Regis hotel and the Olympic Club in San Francisco during the company's roadshow.

A smartphone app for Lyft drivers is seen during a photo opportunity in San Francisco, California February 3, 2016.

The company didn't give any preference when allocating shares to potential stockholders who weren't investors in Uber, said a person familiar with the matter, who asked not to be identified because it wasn't public.

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