Uber’s big US competitor Lyft is making its market debut on Friday. It will trade on the Nasdaq under the ticker LYFT.
The company priced its IPO at $72 a share on Thursday, valuing the company at around $24 billion. That’s higher than its anticipated price range of $62 to $68 a share, suggesting strong investor demand.
This year is shaping up to be a tech IPO bonanza, with market debuts expected from companies including Uber, Slack, Pinterest and Postmates.
The Lyft IPO could be a bellwether for how these companies will be received by investors. In particular, Lyft will almost certainly be viewed as a proxy for Uber, which is a much larger business.
Lyft’s net loss climbed to $911 million in 2018, which is more than any other US startup has lost in the year prior to its IPO. Uber said last month that it lost $1.8 billion in 2018.
