On Friday, Lyft is set to go public with a valuation of $24 billion (£18 billion) on the Nasdaq stock market, under the ticker symbol “LYFT.”
The ridesharing company is based in San Francisco. according to sources who are close to the firm, it is expected to price its initial public offering at $72 per share, at the higher end of what was initially expected.
Its filings from the start of this March revealed several years of loss-making, including a loss amounting to $911 million last year, an increase of 32pc on the losses recorded from 2017.
The offering was oversubscribed, provoking the firm to increase its price range from $62 to $68 to $70 to $72 each.
It moved ahead of Uber, its rival which is also set to go public this year, and which already operates in Europe and the United Kingdom.
Recently, Lyft branched out to provided shared bicycles and scooters, and in documents that were filed with the US Securities and Exchange Commission, it suggested that it would position itself as a values-based firm in an attempt to appeal to millennials.
Its share structure has provoked controversy, with John Zimmer and Logan Green, its founders, each receiving shares with greater voting rights as compared to other investors.
Both are expected to become multi-millionaires, and large investors Rakuten, an e-commerce giant from Japan, and Andreessen Horowitz, a Silicon Valley venture capital, are also anticipated to gain significant windfalls.
The offering signifies the arrival of a new generation of Silicon Valley darlings on the public markets. Most of the firms pledged to introduce new business models, upended established industries such as transportation and provoked a chain effect on how people work and make a living. The public offerings cement their place in the lives of the people. It promises millions of dollars in investment gains for their longtime backers and is set to launch a new wave of wealth in the tech industry.