Lyft Inc was valued at $24.3 billion in the first initial public offering (IPO) ...
- Lyft Inc was valued at $24.3 billion in the first initial public offering of a ride-hailing startup on Thursday, raising more than it had set off to do as investors overlooked uncertainty over its path to becoming a profitable company.
“In a good market, people look beyond things. They don’t see the problems as much,” said Brian Hamilton, co-founder of data firm Sageworks, speaking before the pricing. Lyft raised $2.34 billion its IPO. It said it priced 32.5 million shares, slightly more that it was offering originally, at $72, the top of its already elevated $70-$72 per share target range. Lyft started its IPO investor road show earlier this month with a target range of $62-$68 per share.The IPO market had a slow start in 2019 due to volatile markets at the end of last year and the government shutdown in January blocking U.S. regulators from processing new IPO applicants.
Lyft, which was valued at $15 billion in final private fundraising round in 2018, kicked off its 10-day IPO roadshow on March 18. The company’s executives made stops in cities such as New York, Baltimore, Kansas and Los Angeles. Reuters reported the IPO was oversubscribed after just two days. Lyft was launched in 2012 and is led by its founders, Logan Green and John Zimmer. The company has not laid out a timeline for when it will turn a profit, but stock investors have shown patience in the past if they feel the growth will pay off, with companies like Amazon staying in the red until years after its IPO.
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