Lyft raises IPO share price range amid strong demand

Lyft raises IPO share price range amid strong demand

Lyft raises IPO share price range amid strong demand

Based on the total number of shares that were to be outstanding after the offering, its market value would be about US$20.6 billion.

Lyft, a company that has lost $2.2 billion since 2016 and has never turned a profit, is already in heady company as far as investors are concerned. Facebook shares are up more than 300 percent since their first day of trading, and after Etsy struggled for its first three years as a public company, its shares have more than doubled since they started trading. Our net loss was $682.8 million, $688.3 million and $911.3 million in 2016, 2017 and 2018, respectively, and our Contribution was $82.0 million, $400.9 million and $920.8 million in 2016, 2017 and 2018, respectively.

"This IPO is a "watershed" event for the tech sector as well as the ride-sharing industry that in our opinion has become one of the most transformational growth sectors of the US consumer market over the past five years", Wedbush Securities analysts said in a note ahead of the IPO, adding that Lyft is now the "clear #2 player" behind Uber in the ride-sharing sector.

Lyft is trying to catch up to Uber, which is expected to go public later this spring.

High demand for the offering pushed up the range of Lyft's stock pricing, well north of its original targeted range of $62-68.

The price sets Lyft's market value at $24 billion, which will quickly change Friday after the shares start trading on the Nasdaq exchange.

Shares of the second-largest ride-hailing company jumped about 20 percent in initial trading to $85.48 as of noon in NY.

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Originally published March 28, 2:20 p.m. PT.Update, 3:14 p.m.: Adds Lyft's confirmation of preopen share price set at $72. The IPO was led by JPMorgan Chase, Jefferies, Stifel, Nicolaus and RBC Capital Markets, among others.

Analyst Richard Windsor, who writes the tech blog Radio Free Mobile, argues that Lyft may not be ready for the scrutiny it will face as a publicly traded firm.

Altogether, more than two dozen banks were listed in the company's filing as participating in the offering.

Lyft told potential investors that it expects its expenses to decline next year, according to people who were present for one of its pitches.

Investors were seen leaving the presentations with enthusiasm and pink Lyft prospectuses.

"A roadshow being standing-room only is a pretty good indicator that investors are interested", Deloitte's Daniels said.

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