Lyft Announces IPO Pricing at $72

Lyft filed an IPO prospectus with the US Securities and Exchange Commission on March 1st, stating that it intends to list on the NASDAQ (7669.1657, 25.79, 0.34%) global select market IPO under the ticker symbol "LYFT". Subsequently, Lfyt submitted an addendum to set its IPO issue price range between $62 and $68 per share. Based on the upper limit of the $72 per share increase, Lfyt will raise up to $2.548 billion in the IPO transaction, and the company's valuation will reach about $20 billion.

Lyft said in the prospectus that in the United States alone, consumers spend more than $1.2 trillion a year on personal transportation. On average per household, the average annual transportation cost exceeds $9,500, the vast majority of which is spent on the possession and use of cars. However, on average, Americans use cars only 5% of the time, while they remain parked and unused for the remaining 95% of the time. Therefore, consumers are looking for better ways to travel.

According to the prospectus, Lyft’s share of the US travel sharing market was 39% in December 2018, compared to 22% in December 2016. This increase was due to the company’s acquisition of new drivers and passengers, and As the travel frequency increases. In the quarter ended December 31, 2018, Lyft's Active Riders numbered 18.6 million, and the number of drivers providing shared services for travel was over 1.1 million.

Throughout 2018, Lfyt's active passengers were 30.7 million and the number of drivers was 1.9 million.