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Lyft Prices I.P.O. at $ 72 and Share, Marking Arrival of Gig Economy to Wall St.



Lyft was not the first ride-hailing company. But it is poised to become the first publicly traded one, and investors' appetite for its shares has been enormous.

The company has been priced its shares at $ 72 each on Thursday after raising its price range amid significant demand from prospective shareholders. That puts Lyft's value at more than $ 24 billion as it prepares to start trading on the Nasdaq stock market on Friday, under the ticker symbol LYFT

In total, the company raised about $ 2.3 billion, also increasing the number of shares that were sold. (That amount could grow if Lyft's underwriters sell an additional block of shares to meet even stronger-than-expected investor demand.)

The offer marks the arrival of a new generation of Silicon Valley darlings on public markets. Many of the companies have promised new business models, upended by established industries such as transport and triggered and chain effect on how people work and make a living.

"With Lyft, obviously, the market is saying, 'We are willing to give you the benefit of the doubt on a lot of things, 'given that there are huge uncertainties about its future,' Mr. Ritter said.

At his I.P.O. price, Lyft's market value puts it within range of old-line auto companies such as Ford Motor.

Though Mr. Green and Mr. Zimmer takes their company public, they will still retain control, following a long tradition of founder-led technology businesses.


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