Comic: Lyft Joins the Lucrative IPO Club, as Uber, Pinterest Wait in Line
Investing.com
Published Mar 28, 2019 13:25
Investing.com - Lyft raised the price range for its initial public offering ahead of its planned trading debut on Friday.
Lyft (NASDAQ:LYFT) raised its IPO price range to between $70 and $72 per share, meaning the ride-hailing company is now targeting a valuation of up to $24.3 billion.
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The increased range, from $62-$68 previously, is the result of investors worrying about missing out on the biggest U.S. IPO since Snap in 2017.
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It also indicates many investors are willing to overlook uncertainty over Lyft's path to profitability and its strategy for autonomous driving, for fear of missing out on such a high-profile technology IPO.
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That should bode well for the likes of Uber and Pinterest, which are also planning to go public in 2019 but like Lyft have yet to turn a profit.
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Lyft posted a loss of $911 million in 2018 versus $688 million in 2017. Revenue for 2018 was $2.16 billion, double the previous year's and far higher than $343 million in 2016.
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To see more of Investing.com’s weekly comics, visit: http://www.investing.com/analysis/comics
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-- Reuters contributed to this report
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Written By: Investing.com
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