Lyft valued at $24.3 billion in first ride-hailing IPO
Companies, agencies, institutions, etc
Lyft Inc
Uber Technologies Inc
Reuters
Alibaba Group Holding Ltd
Pinterest Inc
Slack Technologies Inc
Postmates Inc.
Nasdaq
LYFT
FAANG
Facebook Inc
Amazon.com Inc
Apple Inc
Netflix Inc
Google
Alphabet Inc.
S&P
IPO
Magna International Inc
Aptiv Plc
General Motors Co
All Rights Reserved
People
Brian Hamilton
Roberts
Logan Green
John Zimmer
Carl O'Donnell
Joshua Franklin
Grant McCool
Lisa ShumakerAll
Groups
Canadian
Physical locations
Silicon Valley
Places
No matching tags
Locations
U.S.
New York
Baltimore
Kansas
Los Angeles
Events
No matching tags
Summary
5 Min Read(Reuters) - Lyft Inc was valued at $24.3 billion in the first initial public offering (IPO) of a ride-hailing startup on Thursday, raising more than it had set off to do as investors overlooked uncertainty over its path to becoming a profitable company. Lyft’s IPO sets the stage for the stock market debut of larger rival Uber Technologies Inc, which Reuters has reported will kick off in April. With start-ups like Lyft staying private for longer, there is a backlog of demand to allocate more money to stocks which are considered high-growth in order to diversify away from Wall Street’s FAANG trade which is made up of Facebook Inc, Amazon.com Inc, Apple Inc, Netflix Inc and Google parent Alphabet Inc. Nevertheless, there are concerns among some investors that these IPOs may be coming at the peak of the market, when the benchmark S&P; 500 Index has risen more than 200 percent since 2008.
As said here by Carl O'Donnell