Lyft raised about $2.34 billion in its initial public offering, pricing its shares at the top of an elevated range in a listing seen as a bellwether for Silicon Valley companies.
Lyft's IPO gives it a market value of about $20.6 billion. That value rises to about $25 billion with restricted stock and greenshoe shares that underwriters could issue.
Lyft Inc. raised about $2.34 billion in its initial public offering, pricing its shares at the top of an elevated range in a listing seen as a bellwether for Silicon Valley companies. The No. 2 U.S. ride-hailing company said it priced 32.5 million shares Thursday at $72 each. That was at the top of the marketed range, which was increased to $70 to $72 on Wednesday. Lyft also increased the size of the offering from the 30.8 million shares it had planned to sell.At that price, the IPO gives Lyft a market value of about $20.6 billion, based on the shares that were to be outstanding after the IPO, according to earlier filings.
The San Francisco company beat its larger ride-hailing competitor Uber Technologies Inc. to the market. Uber is expected to publicly file for its offering in April, kicking off a listing that could value it at as much as $120 billion, people familiar with its plans have said. Lyft’s offering is the biggest in the U.S. by a tech start-up since Snap Inc. went public two years ago and is also the largest so far this year, signaling that IPOs are rebounding from the partial federal government shutdown that dampened first-quarter listings. Last week, Levi Strauss & Co. returned to the public markets, pricing shares $1 above its marketed price range to raise $623 million. Other tech companies considering going public on U.S.
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