Shares of Uber competitor Lyft, Inc. began trading on the NASDAQ Global Select symbol “LYFT” yesterday. Lyft had announced the pricing of its initial public offering of its Class A common stock on Thursday. The ride hailing platform said it would be offering 32,500,000 shares at a price of USD 72.00 per share.
This places Lyft’s valuation at around USD 24 billion. Not bad considering that Lyft, which only has a presence in the US and Canada was valued at USD 15.1 billion less than a year ago. Though not chump change, this was small compared to Uber’s USD 70 billion valuation.
Lyft’s initial share offering is expected to close on 2nd, April 2019 subject to customary closing conditions.