Lyft hits the stock market, sells shares for $72 in highly anticipated IPO
Lyft might not be the biggest name in the ride-hailing market, but it did become the first to reach a major milestone on Friday.
The San Francisco-based transportation company went public on Friday morning, selling shares for $72 with an early valuation of $24 billion. In doing so, Lyft became the first ride-hailing app to go public, beating chief rival Uber to the market.
SEE ALSO:Lyft executives earned $300 as Lyft drivers, IPO filing revealsWith about 48 hours to go before the IPO, Lyft raised its expected share price to anywhere from $70 to $72 in an SEC filing. Lyft ended up settling on the maximum figure of $72 when trading began on the Nasdaq. Its ticker symbol is LYFT.
Lyft rang the bell to open the market remotely from Los Angeles, with LA mayor Eric Garcetti in attendance. The spotlight was on Lyft because it was the biggest tech IPO since Snap went public in early 2017. Lyft co-founders Logan Green and John Zimmer were also joined by some of the comnpany's drivers on Friday morning.
Tweet may have been deleted
If Lyft wants to avoid Snap's trajectory since then, it might need to change things up a bit. The ride-sharing app doesn't make money, with a net loss of nearly $1 billion in 2018 alone. That was despite bringing in more than $2 billion in revenue last year, as Lyft revealed during its IPO filing at the beginning of March.
It also remains to be seen how Lyft will compete with Uber once Uber goes public, too. To poorly paraphrase Game of Thrones, Uber is coming. The biggest ride-sharing app in the U.S. is expected to go public in the coming months, bringing a whopping 66 percent market share to the table, according to data from Edison Trends.
With an infusion of public money and a growing self-driving operation on the way, Lyft probably hopes it can generate some momentum and silence the doubters.
Featured Video For You
Lyft reveals its IPO price range and fundraising goals
(责任编辑:新闻中心)
- How much for Oasis tickets? Fans joke about splurging on reunion shows
- Barcelona look to climb out of a rut
- For Uber, 'Hell' is apparently tracking Lyft drivers
- North Korean soldiers briefly cross border for 2nd time in less than 2 weeks
- Webb telescope discovers 6 rogue worlds. They didn't form the way you'd expect.
-
Tesla Robotaxis aren't coming in August, it seems
A few months ago, Tesla CEO Elon Musk promised a Tesla Robotaxi unveiling in August. Now, a new repo ...[详细] -
Russia, Belarus denied entry to basketball qualifying
PARIS:The Russia and Belarus men's basketball teams have been banned from the second-chance qual ...[详细] -
雅安日报讯近日,荥经县地方税务局组织该县部分企业负责人座谈,就税收宣传、税收征管、纳税服务、税企沟通等听取和征求纳税人的意见和建议。座谈会上,与会企业代表踊跃发言,畅谈企业发展历程、市场前景、纳税情况 ...[详细]
-
刘彦彤在比赛中雅安日报讯“想唱就唱,梦想绽放”,5月15日晚7时20分,“2011快乐女声成都唱区50进30晋级赛”在成都市麓镇精彩开唱,经过三轮紧张刺激地比拼,30强选手诞生。23岁的雅安女孩刘彦彤 ...[详细]
-
Trump trials: Jack Smith is reportedly reconsidering his strategy.
Donald Trump has been convicted of 34 felony counts in the New York hush money case—but there’s a le ...[详细] -
Rayo stun La Liga leaders Barcelona
BARCELONA:Rayo Vallecano stunned impotent La Liga leaders Barcelona on Wednesday with a 2-1 win, out ...[详细] -
雅安日报讯近日,天全县水务局召开全县水利普查动员会,对167名各乡镇普查指导员、各村、组普查员进行了为期两天的水利普查培训。普查指导员和普查员是执行普查登记任务的直接承担者,为高质量对全县各乡镇指导员 ...[详细]
-
雅安日报讯日前,结合“五四”青年节,荥经县人民法院组织青年干警开展“饮水思源强党性,抚今追昔促争优”“缅怀革命先烈,争做发展先锋”“参观革命圣地,坚定理想信念”为主题的教育活动,带领干警从荥经出发,经 ...[详细]
-
Smiley face on Mars is a telltale sign of its past
Mars didn't lose all its water without a fight.The planet, today 1,000times drier than the driest de ...[详细] -
升国旗表达感恩之情雅安日报讯“起来!不愿做奴隶的人们,把我的血肉铸成我们新的长城……”伴随着雄壮的国歌声,五星红旗冉冉升起。昨11)日,雅安市暨雨城区“我心感党恩”升旗仪式举行,市区直机关单位近100 ...[详细]