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- Lyft is ready to start trading on the Nasdaq early Friday under the ticker symbol LYFT.
- Lyft priced its IPO at $72 a share Thursday evening.
- This gives the company a valuation of about $21 billion.
Lyft priced its initial public offering at $72 a share Thursday evening, the company announced, setting up the ride-hailing company to start trading its shares publicly on the Nasdaq early Friday.
This puts Lyft’s price at the high end of the range of $70 to $72 that the company disclosed Wednesday in an amended S-1 after nearly two weeks of road-show conversations with investors made clear that Wall Street’s appetite for shares was high.
At $72 a share, the company will raise roughly $2.69 billion in capital and make its Wall Street debut with a valuation of about $21 billion.
The company will list early Friday on the Nasdaq under the ticker symbol LYFT.
Lyft’s IPO price is a full $10 above the low end of the $62-to-$68 range the company first disclosed at the start of its road show on March 18. Investor demand was high, and the IPO was reportedly oversubscribed early into its two-week pitch to prospective investors.
In addition to raising its price, Lyft raised the number of shares in the offering between Wednesday and its official pricing announcement on Thursday.
The IPO is being closely watched as a test of Wall Street’s appetite for a new crop of fast-growing — but money-losing — businesses in the so-called sharing economy. Uber, the world’s largest ride-hailing company, is expected to list shares in an IPO in the next few weeks.
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See Also:
- Lyft is going public today. Here are all the tech startups that have taken steps toward going public in 2019 — and those rumored to be thinking about it.
- Lyft just boosted its IPO price range and is on track to go public this week with a $21 billion valuation
- Uber reportedly chooses the NYSE for IPO as competitor Lyft gears up to list on the Nasdaq
Source: Business Insider – bpeterson@businessinsider.com (Becky Peterson)