Lyft, the first U.S. ride-hailing company to go public, began trading on the public market today at US$87.24 a share and closed at US$77.94. The company expected to trade between US$70 to US$72 a share. As a private company, Lyft raised US$5.1 billion from investors. (TechCrunch)
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Lyft, the first U.S. ride-hailing company to go public, began trading on the public market today at US$87.24 a share and closed at US$77.94. The company expected to trade between US$70 to US$72 a share. As a private company, Lyft raised US$5.1 billion from investors. (TechCrunch)
Talking point: Lyft lost US$911 million last year and disclosed that it may never become profitable in its filing with the U.S. Securities and Exchange Commission. Uber, by comparison, loses about US$800 million a quarter. Uber, which has a larger market share than Lyft, is seeking a US$120-billion valuation. Lyft’s IPO could get more investors excited about participating in its rival Uber’s IPO, expected later this year. Hubert Horan, a transportation-company consultant, warned that ride-hailing companies could crash because of these losses while putting public investors on the hook. Meanwhile, Lyft’s drivers in the city protested for fairer wages and better working conditions this week.
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