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Lyft said Monday it would seek to raise as much as $2.4 billion in its public share offering, in the first major listing in the fast-growing ride-hailing sector.
The San Francisco startup could be valued at more than $20 billion under the terms of the initial public offering unveiled Monday, setting a price per share of between $62 and $68.
Lyft - Launch - Wave - IPOs - Startups
Lyft's launch is the first of what is expected to be a wave of IPOs from venture-backed startups worth more than $1 billion, known in Silicon Valley as "unicorns."
Lyft's listing comes ahead of a larger offering expected from Uber, which has a valuation of some $70 billion.
Others - Wall - Street - Year - Business
Others expected to move to Wall Street this year include the business collaboration firm Slack, visual discovery startup Pinterest and possibly the big data group Palantir.
Shares will be traded on the Nasdaq under the ticker symbol "LYFT."
Lyft - Shares - Underwriters - Option
Lyft is proposing to sell 30.8 million shares with an underwriters option for an additional 4.6 million.
No date was given for the listing, but the Wall Street Journal said Lyft shares could begin trading by the end of next week, when a final price will be set.
Documents - Lyft - Revenues - Documents - Revenues
According to documents filed earlier, Lyft lost $911 million on $2.2 billion in 2018 revenues. The documents show revenues grew sharply from $343 million in 2016, but losses widened as well.
Lyft said in its Securities and Exchange Commission filing it has completed over one billion rides since its inception in 2012 and had bookings last year of $8.1 billion.
Percent - Share - US - Rideshare - Market
It has a 39 percent share of the US rideshare market, according to a survey cited in the filing. Lyft has also...
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