Lyft IPO Enthusiasm Drives Up Founder Stakes to $1.4 Billion

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

It's Time For Uber And Lyft's White Collar Workers To Step Up

Lyft will have a valuation of at least $20 billion with the initial public offering (IPO), one of the first from a wave of venture-backed "unicorns", or startups worth $1 billion or more.

It remains to be seen whether or not this strike (which is relatively small in scale) will finally lead to Lyft giving drivers those benefits, but so far, it doesn't seem to have had much of an impact.

The price is at the high end of a revision Lyft made after high investor demand prompted the company to increase its initial goal of fetching $62 to $68 for each of the almost 31 million shares sold in the IPO.

Even before its IPO, Lyft was considered a Silicon Valley "unicorn" - a private company with a valuation north of $1 billion. The company also has a network of shared bikes and scooters in various cities, including Los Angeles, Nashville, San Antonio, Chicago and NY. Well today we can report that by the time the listing had hit the NASDAQ, prices for (NASDAQ:LYFT) had swelled to $86.70 a share. Reuters reported the IPO was oversubscribed after just two days.

Who gets rich: Rakuten, General Motors, Fidelity, Andreessen Horowitz, CapitalG, Floodgate, Valerie Jarrett, and Lyft co-founders John Zimmer and Logan Green have the largest stakes.

The IPO market had stalled at the beginning of the year due to the government shutdown, but momentum shifted around the beginning of March.

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"It will be years before they turn a profit". A total of 32,500,000 shares of Lyft's Class A common stock are being offered alongside an additional 4,875,000 shares which underwriters have the option to purchase.

"This is a major milestone", said Nelson Griggs, the president of the Nasdaq Stock Exchange. They can take public transport, walk, take a taxi or, perhaps, order an Uber.

Lyft's appeal to investors was based on the potential for the ride-hailing industry's expansion as well as its own growing revenue. The 7-year-old company claims to have 39 percent market share in the USA, up from 22 percent in December 2016.

"Lyft is an attractive name to own to play this transformative ridesharing market opportunity", Ives said in a note to clients, while adding that "we find it hard to be bullish on the name given the risk/reward we see for shares".

It's increased its share of the ride-sharing market in the U.S.

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