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Lyft shares soar on Nasdaq debut, setting stage for Uber

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Lyft Inc shares on Friday opened up 21.2 percent at US$87.24 in its market debut on the Nasdaq after the company was valued at US$24.3 billion in ...

LOS ANGELES/NEW YORK: Lyft Inc's shares opened up more than 20 percent in their market debut on Friday, giving the ride hailing startup a market value of more than US$27 billion, amid strong investor demand that bodes well for larger rival Uber Technologies Inc.

On Thursday, Lyft priced 32.5 million shares, slightly more that it was offering originally, at US$72, the top of its already elevated US$70-US$72 per share target range, raising US$2.34 billion in its initial public offering. Despite the optimism, there are some concerns that these tech IPOs may be coming at the peak of the market, when the benchmark S&P 500 Index has risen more than 200 percent since 2008.Lyft posted a loss of US$911 million in 2018 versus US$688 million in 2017, despite revenue doubling in 2018 to US$2.16 billion. The company has not laid out a timeline for when it will turn a profit.

Uber, which is also loss-making and whose investment bankers have said could be valued at as much as US$120 billion, is planning to launch its IPO in April, sources have said.

 

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