Lyft prices stock at $72, shares begin trading

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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.

With about 48 hours to go before the IPO, Lyft raised its expected share price to anywhere from $70 to $72 in an SEC filing.

Uber and Lyft signs are seen on a auto in Redondo Beach, California, U.S., March 25, 2019.

Despite the steep losses, D.A. Davidson analyst Tom White expressed optimism about the company in an investor note this month, citing "continued growth" of the broader ride-hailing market and "Lyft's impressive USA market share gains and momentum".

Co-founders Logan Green and John Zimmer talked about their early vision of the company and their commitment to providing alternatives to individual vehicle ownership.

The success of the IPO came despite Lyft's steep losses, criticism of its dual-class share structure and some concerns over its strategy for autonomous driving, for fear of missing out on the company's strong revenue growth.

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Lyft CEO Logan Green and President John Zimmer ring the Nasdaq opening bell celebrating the company's initial public offering.

But on Friday, it was Lyft who beat Uber tobecome the first ride-hailing company to go public.

The stock was priced at $72 Thursday evening, and quickly soared to above $87 per share when it began trading Friday morning, translating to a massive market value of roughly $29 billion.

Uber and Lyft are among the most prominent firms in the sharing economy, which also includes home-sharing platform Airbnb, and highlight a trend away from ownership to services.

All eyes were on Lyft Friday morning as investors rushed to get a piece of the first big US technology listing of the year.

Meanwhile, Lyft parlayed a warm and fuzzy image that it used to cultivate by adorning drivers' cars with a fluffy pink moustache to position its brand as the more socially responsible of the two ride-hailing rivals.

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Despite no near-term profitability in sight for Lyft, its IPO received an overwhelming response.

As reported by The Verge, hundreds of drivers in both of these locations have gone on strike to protest the IPO, and what they feel is unfair compensation for the effort they put into their jobs.

Potential investors have been on the upbeat since Lyft hit the road to market the IPO last week leading to an oversubscription of the offering within the first two days of the roadshow. "The tech IPOs are really going to get the market moving".

"This is a company that has negative cash flow, and but it's spending to juice revenue".

Lyft has focused on its mission of getting people to give up their personal cars in favour of ride-hailing, shared bikes and scooters, and has remained in North America. 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.

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