Lyft prices IPO shares at $72 and will make its Wall Street debut with a $21 billion valuation
- Lyft priced its IPO at $72 per share Thursday evening.
- This gives the company a valuation of around $21 billion.
- The company is expected to start trading on the Nasdaq early Friday under the ticker symbol "LYFT".
Lyft priced its IPO at $72 per share Thursday evening as the ride-hailing company prepares to start trading its shares publicly on the Nasdaq early Friday, according to a source familiar.
This puts the company's price at the high end of its previous range of $70 to $72 price range disclosed by the company on 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 is high.
At $72 per share, the company will raise roughly $2.5 billion in capital, and make its Wall Street debut with a valuation of nearly $21 billion.
The company will list early Friday on the Nasdaq under the ticker symbol "LYFT".
At $72 per share, 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 roadshow on March 18. Investor demand was high, and the IPO was reportedly oversubscribed early into its two-week long pitch to potential investors.
The IPO is being closely watched as test of Wall Street's appetite for a new crop of fast-growing, but money-losing sharing economy businesses. Uber, the world's largest ride-hailing company, is expected to list shares in an IPO in the months after Lyft's offering.