Lyft prices IPO shares at $72 and will make its Wall Street debut with a $21 billion valuation3/29/2019
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, the company announced.
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 $2.69 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.
In addition to raising it’s 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 sharing-economy businesses. Uber, the world’s largest ride-hailing company, is expected to list shares in an IPO in the weeks after Lyft’s offering.
0 Comments
Leave a Reply. |
CORWIN GROUPLatest News Archives
October 2021
CategoriesBy submitting this form, you provide consent for Corwin Group to email you occasionally with industry news and promotions. You may unsubscribe from these emails at any time.Testimonials & Disclaimer
Important Disclosure: By visiting this site, you agree to be bound by CorwinGroup’s Terms of Use and Privacy Policy. CorwinGroup.com is intended for accredited investors and otherwise qualified investors who understand and accept the risk associated with private investments. Investing in private investments on CorwinGroup involves risks, including, but not limited to market and industry risks, risks related to a specific property, currency fluctuation risk and liquidity constraints. Investments are not bank deposits and are not guaranteed. There is a potential for loss of part or ALL of the investment capital. CorwinGroup does not endorse any of the opportunities that appear on the site, nor does it make any recommendations regarding the appropriateness of particular opportunities for any investor. No correspondence or information provided on CorwinGroup.com or by any representative of CorwinGroup should be construed as a recommendation of a security. Each investor is advised to conduct his/her own due diligence as CorwinGroup does not provide any investment advice, business advice, or tax or legal advice. CorwinGroup is not registered under the Securities & Futures Act or the Financial Advisor’s Act. Neither the Securities and Exchange Commission in the country nor any federal or state securities commission or any other regulatory authority has recommended or approved of the investment or the accuracy or inaccuracy of any of the information or materials provided by or through the website. Please read Corwin’s Terms of Use for more detailed terms and conditions to which users of CorwinGroup are subject. |