Lyft IPO makes it the ridesharing star, at least for today

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

Lyft exceeded market expectations with its initial public offering (IPO) on Thursday, raising $2.34 billion and fetching a valuation of $24 billion.

The market's blockbuster quarter shared the spotlight with Lyft's much-anticipated trading debut on the Nasdaq stock exchange.

Shares opened Friday morning at $87.24 - 21 percent above the IPO price of $72 - and drifted downward in the afternoon, closing up 8.7 percent to $78.29 in NY.

Lyft's co-founders Logan Green and John Zimmer have structured the shares so that together they will hold 49 percent of the voting power, enough to substantially influence major decisions.

In an unusual move, Lyft founders Logan Green and John Zimmer joined other execs to kick off their Wall Street debut at a former vehicle dealership in Los Angeles, thousands of miles from the Nasdaq.

Gaza, Israel brace for mass border demos
On Monday, a rocket fired from Gaza struck a house north of the Israeli commercial capital Tel Aviv, injuring seven Palestinians. As a result of the demonstrations, one member of the Israeli security forces was killed and six others were injured.

"Our mission is to improve people lives with the world's best transportation, and today we are taking Lyft public", said Co-founder and Co-CEO John Zimmer.

As a result, the IPOs of Lyft and other loss-making unicorns present a predicament for investors sitting on the fence-they do not want to miss out on popular companies with fast growth, but must weigh the risks of businesses with unproven economics. More than 71 million shares changed hands as investors sought out or sold shares in the stock market.

Interestingly, Tech Crunch notes that Lyft has the largest net losses of any pre-IPO business, posting losses of $911 million on revenues of $2.2 billion previous year.

And when you consider that many investors do overlap in tech categories, such as ride-share apps, the likelihood of swaying potential Uber investors to Lyft increases.

For the case of Lyft's backbone, their drivers, it is still unsure what would happen to them with the latest IPO announcement. According to its filing, Lyft's share of the U.S. ride-hailing market spiked to 39% in December 2018 from 22% at the end of 2016.

President Trump Announces FBI, Justice Department Probe Into Jussie Smollett Case
Smollett told police that two men targeted him about 2 a.m., tied a rope around his neck and poured a chemical substance on him. In a statement, the state's attorney said its decision was an appropriate resolution to the case and did not exonerate Smollett.

Lyft's branding as a warmer, more caring alternative to Uber dates back to its launch in 2012.

Lyft's revenue was $2.16 billion for 2018, double the previous year's and far higher than $343 million in 2016.

"Nobody knew they (Lyft) would catch up to this level", said Navin Chaddha, a venture capitalist with Silicon Valley firm Mayfield, which invested in Lyft in 2011.

On the other end, Lyft's primary competitor Uber is set to go public this April too.

Lyft raised $2.34 billion its IPO.

Kevin McCarthy Is Not Behind Trump Administration's Latest Obamacare Move
There is no question the Mueller report will help Trump lock in his base, but they weren't faltering there anyway. Court of Appeals, Fifth Circuit (New Orleans).

Signage for Lyft is seen displayed at the NASDAQ MarketSite in Times Square in celebration of its initial public offering (IPO) on the NASDAQ Stock Market in New York on March 29, 2019. With its current rate, Uber is valued at around $70 billion on the private market, making it the most highly valued U.S. startup in the world.

Related News:

Most liked

Trail Blazers' Nurkic suffers gruesome leg injury
Nurkic had to be taken out on a stretcher and transported to a hospital, as everyone in the Moda Center was stunned. During the game's second overtime, Nurkic jumped for a rebound at the net and came down at the wrong angle.

Family files lawsuit against Boeing over Ethiopian Airlines crash
The information was presented Thursday to USA authorities, including the Federal Aviation Administration (FAA), the source said. Boeing on Wednesday said changes to the MCAS software would help "reduce the crew's workload in non-normal flight situations".

McIlroy, Tiger, No. 1 DJ open with wins at WGC Match-Play
Wise admitted nerves were high on the first tee for his first time playing with 80-time PGA Tour victor Woods. Two-time champion Jason Day , world number five Justin Thomas and last year's victor Bubba Watson all lost.

New offense, same question for Jordan Howard after Eagles trade
"Conditions of the trade could potentially flex the pick to a 2020 fifth rounder", the Bears said in a statement Thursday. Howard's average of 7.3 yards per catch last season puts him at 139 receiving yards.

Trump threatens to close border with Mexico
The three countries account for the bulk of migrants apprehended trying to cross illegally into the United States. Trump had declared the border emergency under a law that lets him shift budget funds to address dire situations.

EU plans to put speed limiters, data recorders on cars
Brake urged the Government to commit to adopting the regulations in the United Kingdom , no matter what happens with Brexit . All new cars sold in the United Kingdom will be fitted with speed limiters from 2022 , following an European Union ruling.

Xi Jinping and European Union leaders promote multilateralism amid Silk Road wariness
Italy became the first G7 country to sign China's "New Silk Road" project on Saturday despite criticism from some in the EU. On Monday night, the Chinese president was honored with a state dinner at the Elysee Palace.

Indian Premier League 2019: Groom Pant for the future, says Yuvraj
He said that he has been performing well, and scoring two overseas centuries at this age shows his character. We didn't play another spinner because I thought the pitch will do something for the pacers.

Media is 'enemy of the people': Donald Trump
A person familiar with the matter said there were no plans at this time to show the Mueller report to the White House. In the past, Mr Trump has called for investigations of Hillary Clinton , the Democrat he defeated in 2016.

In Louisville For Sweet 16 Matchup With Oregon
For much of the second half, Dawkins chose to anchor Fall by the hoop attempting to take away what Duke does best-scoring inside. Virginia is 25th in the nation in field goal percentage and sixth in three-point shooting on the offensive end this season.

No recognition of Israeli sovereignty on Golan
Netanyahu is facing a tough challenge from a popular former military chief and reeling from a series of corruption allegations. Secretary General Antonio Guterres also stressed the global body's view that the territory's status has not changed.

Rep. Omar Slams Speaker Pelosi for Opposing Anti-Semitism in AIPAC Speech
As I have often said, the founding of the state of Israel was one of the greatest political achievements of the 20th century. In a blistering address closing out the annual conference of thousands of pro-Israel activists, U.S.

Asus Reacts to Live Update Utility Hack (A Little Too Late)
If the desired address is detected, the malicious update backdoors the PC to download additional malware. While the attack may have infected up to a million computers, the ac dual target was much smaller.

Fan boy 3: Huawei overhauls Air-a-like MateBooks
Meanwhile the Dolby Atmos® Sound System delivers an immersive cinematic experience no matter where users find themselves. With the budget model you can opt for Intel (UHD 620) integrated graphics or an Nvidia MX150, should you need it.

Trump Administration Asks Court To Totally Repeal Obamacare
The judge ruled that Congress' elimination of penalties for not buying health insurance rendered the law unconstitutional. The health law, signed by then-President Barack Obama, remains in place while the lawsuit continues.