Lyft's initial public offering of 32.5 million shares was priced at $72 per share on Thursday. This would value the company at more than $20 billion and hit the top of its expected range.
Shares in the ride-hailing company are expected to start trading on the NASDAQ on Friday, under the ticker "LYFT."
The company faces formidable competition from Uber, according to its S-1 filing released earlier this month. Lyft claimed 39% of the U.S. market at the end 2018, up 17 percentage points over two years, it said in the filing.
In 2018, Lyft reported a net loss of $911 million, or 32% greater than 2017. Revenue doubled over the amount it enjoyed in 2017, to $2.2 billion. Bookings increased 76% to $8.1 billion.
Funded early on by venture firms including Floodgate, K9 Ventures, Mayfield Fund, and Peter Thiel's Founders Fund, Lyft is one of several maturing tech start-ups expected to go public this year. Others expected to go public in 2019 include Uber, Pinterest, Zoom and Slack.
(Uber, Lyft's chief rival, is expected to release its S-1 and go public next month.)
Founded by CEO Logan Green and President John Zimmer in 2007, Lyft launched its ride-hailing app in 2012. In its earlier years, Lyft operated a service called Zimride that focused on long-distance, shared car rides and car-sharing programs on college campuses.
J.P. Morgan, Credit Suisse and Jefferies are the lead underwriters of the offering.
