Lyft to cruise onto Wall Street with stock market debut

Lyft valued at $34.3b in first ride-hailing IPO

"I think it's a good sign all the way around, if there's a successful IPO and others coming in the pipeline after that".

At the upper end of the new range, Lyft would have a market capitalization of $20.45 billion, a little larger than Snap Inc when it went public in 2017.

Despite struggling to turn a profit over the years, ride-hailing service and Uber competitor Lyft decided recently to take itself public. It said it 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. The San Francisco-based company also increased the size of the offering from the 30.8 million shares it had planned to sell.

The success of the IPO came despite Lyft's steep loses, criticism of its dual-class share structure, and some concerns over its strategy for autonomous driving and new laws aimed at increasing driver pay, for fear of missing out on the company's strong revenue growth.

Uber is planning to launch its IPO in April, sources have said.

Uber is expected to go public later this spring.

Still, investors are keen to get in on what should be one of the biggest technology IPOs, alongside the public debuts of Uber and Pinterest Inc., which are also eyeing stock market debuts later this year.

Lyft's IPO was oversubscribed just two days into its investor roadshow, Reuters reported last week.

NASCAR moves Cup championship race to ISM Raceway
Tickets will not be available until later this year, and prices for next year's NASCAR Cup races will be the same as this year's. Pocono Raceway will hold a doubleheader weekend next year, running its 400-mile races on June 27 and 28.

In early December, Lyft (LYFT) revealed it had confidentially filed for an IPO with the SEC.

Since 2012, Lyft has racked up $3 billion in debt, although recent growth has surged - the San Francisco-based company saw its revenue double to $2.2 billion past year from 2017.

Who gets rich: Rakuten, General Motors, Fidelity, Andreessen Horowitz, CapitalG, Floodgate, Valerie Jarrett, and Lyft co-founders John Zimmer and Logan Green have the largest stakes.

The price sets Lyft's market value at $24 billion, which will quickly change Friday after the shares start trading on the Nasdaq exchange.

The underwriters for the offering are JPMorgan, Credit Suisse, Jefferies, UBS Investment Bank, Stifel, RBC Capital Markets, KeyBanc Capital Markets, Cowen, Raymond James, Canaccord Genuity, Evercore ISI, Piper Jaffray, JMP Securities, Wells Fargo Securities, KKR, Academy Securities, Blaylock Van, Penserra Securities, Siebert Cisneros Shank and Williams Capital Group.

"This is a clear, positive indicator of robust investor demand heading into the company's first day of trading tomorrow", Wedbush analyst Daniel Ives said in a note to investors.

Lyft said in filings that its total bookings reached US$8.1 billion, with 1.9 million drivers providing more than one billion rides in the USA and Canada.

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