Lyft priced its shares at the top end

Lyft priced its shares at $72 each, raising more than $2 billion and valuing the San Francisco ride-hailing company at $24 billion in the largest US technology listing in two years. The pricing fell at the top end of the company’s proposed range of $70 to $72, which was increased on Wednesday from an earlier range of $62 to $68, due to strong investor interest… The offering makes Lyft the first big US technology darling to hit the public markets since Snap debuted in 2017 and paves the way for a rush of expected listings by fast-growing but lossmaking Silicon Valley companies… Co-founders Logan Green and John Zimmer… willcontrol almost 50 per cent of votes, despite owning less than 5 per cent of the company, thanks to a new dual-class share structure that gives them 20 votes a share… Several of Lyft’s peers are gearing up to follow it to public stock exchanges. Uber, the biggest US ride-hailing company, is expected to start its IPO process next month and could seek a valuation topping $100 billion…  Image-sharingplatform Pinterest and workplace messaging service Slack are also already in the IPO pipeline. Airbnb, the short-term rental website, and data analytics group Palantir are expected to begin the listing process at some point in the next year.
 
Shannon Bond and Nicole Bullock

Food4Brains

SUBSCRIBE and RECEIVE your DAILY BRAIN FOOD!