Lyft has started trading on the Nasdaq
The ride-hailing provider Lyft has completed its initial public offering (IPO) in the United States, and is now a share listing on the Nasdaq as a result. The company had raised approximately US$2.3 billion as a result of its conversion into a publicly-trading body, as the 6.1 million shares forwarded had been valued at $72 each. The company is also now valued at $24 billion overall.
Reportedly, Lyft (or $LYFT, rather) is having an excellent first day of trading today (March 29, 2019). Its latest share price has accumulated about $10, or approximately 15% greater than its original valuation. However, it apparently started trading at just over $87, or 21% up. Either way, its investors are probably happy enough at the moment.
On the other hand, Lyft may not have the public ride-sharing company space to itself for long. Uber is also said to be preparing an IPO of its own soon. Current estimates put the resulting worth of the company at a whopping $100 billion. This is particularly impressive, as earlier indications suggest that this firm is currently hemorrhaging cash, having lost $891 million in the second quarter of 2018.
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