The share sale gives it a war chest of over $2.3bn to fund expansion and investment as the sector moves towards an electric and self-driving future.What investors like are market forecasts of surging demand as private car sales come under pressure globally.
Lyft - founded in 2012 by Logan Green and John Zimmer - reported revenue of over $2bn in 2018 though losses grew to $911m.There was a note of caution hanging over Lyft's debut - with experts suggesting shares were likely to endure a rocky ride given the IPO was taking place at the top of the bull market.
Brian Hamilton, co-founder of data firm Sageworks, said of the flotation:"In a good market, people look beyond things.Others said there was pent up demand after a sluggish start to the year for flotations and a desire to diversify away from the so-called FAANG stocks of Facebook, Amazon, Apple, Netflix and and Google parent Alphabet.
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Source: The Independent - 🏆 80. / 59 Read more »
Source: The Independent - 🏆 80. / 59 Read more »