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