Lyft beats Uber to IPO and begins trading on the Nasdaq

Lyft beats Uber to IPO and begins trading on the Nasdaq

Lyft beats Uber to IPO and begins trading on the Nasdaq

Forbes reported that his projections were based on the expected IPOs of Airbnb, Lyft, Palantir Technologies, Pinterest, Postmates, Slack and Uber.

Welcome to this year's IPO season!

Lyft's valuation makes it the biggest company to go public since Alibaba Group Holding in 2014.

The IPO market had a slow start in 2019 due to volatile markets at the end of past year and the government shutdown in January blocking US regulators from processing new IPO applicants.

Ives called Lyft's stock market debut a "watershed" event for the tech sector and ridesharing industry that he saw as "one of the most transformational growth sectors of the U.S. consumer market over the past five years".

Lyft's increased price range suggests that investors are willing to overlook concerns about the company's profitability. Lyft started its IPO investor road show earlier this month with a target range of $62-$68 per share.

Lyft raised $2.34 billion its IPO.

The company's USA market share has expanded from 22 percent in 2016 to 39 percent previous year as Uber slogged through revelations about rampant internal sexual harassment claims, allegations that it stole self-driving technology and other mortifying issues, prompting a consumer backlash. "The brand loyalty of Lyft has been quite impressive as the company continues to attract drivers and riders with its brand associated with corporate responsibility and social values [;] an impressive formula to go after the $1.2 trillion [U.S. transportation] market". Uber is in more than 70 countries, although it has consolidated certain overseas markets, while Lyft has stuck to the United States and Canada.

Though its revenue more than doubled to $2.16 billion in 2018 (from 2017), its total costs and expenses keep growing fast, increasing to $3.1 billion in 2018 (from $1.8 billion in 2017).

Instead of celebrating the first day of trading at the Nasdaq in New York, Lyft opted to mark the occasion at a defunct auto dealership in downtown Los Angeles.

Lyft launched its peer-to-peer marketplace for on-demand ridesharing in 2012. By contrast, Uber has expanded overseas and recently bought Careem, a major rival in the Middle East, while experimenting with food delivery, boats and freight operations.

Uber and Lyft offer the same core service - hailing a ride through a smartphone app - but have very different public profiles.

Analyst Richard Windsor, who writes the tech blog Radio Free Mobile, argues that Lyft may not be ready for the scrutiny it will face as a publicly traded firm.

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