Shares of the No. 2 U.S. ride-hailing company will start trading on the Nasdaq Global Select Market under the ticker LYFT after an initial public offering that’s been viewed as a bellwether for Silicon Valley companies. All the signs before the listing looked good: The IPO was oversubscribed just two days into the marketing pitch, and Lyft ended up selling more shares than planned at the top of an already elevated price range.
The IPO gives Lyft a value of about $25 billion, including restricted stock and greenshoe shares that could be issued later by underwriters. Based on the total number of shares that were to be outstanding after the offering, its market value would be about $20.6 billion. The offering fulfilled a key strategic goal for Lyft: beating larger rival Uber to the market. Uber is expected to publicly file for its offering in April, kicking off a listing that could value it at as much as $120 billion, people familiar with its plans have said.
Through Class B shares that carry 20 votes for each ordinary share, co-founders Logan Green, who is chief executive officer, and vice chairman and president John Zimmer will have about 49% of the voting rights, according to the filing.