Lyft prices IPO shares at $72 and will make its Wall Street debut with a $21 billion valuation

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Lyft prices IPO shares at $72 and will make its Wall Street debut with a $21 billion valuation

Lyft priced its IPO at $72 per share Thursday evening as the ride-hailing company prepares to start trading its shares publicly on the Nasdaq early Friday, the company announced.

This puts the company’s price at the high end of its previous range of $70 to $72 price range disclosed by the company on Wednesday in an amended S-1 after nearly two weeks of road-show conversations with investors made clear that Wall Street’s appetite for shares is high.

At $72 per share, the company will raise roughly $2.69 billion in capital, and make its Wall Street debut with a valuation of nearly $21 billion.

The company will list early Friday on the Nasdaq under the ticker symbol “LYFT”.

At $72 per share, Lyft’s IPO price is a full $10 above the low end of the $62 to $68 range the company first disclosed at the start of its roadshow on March 18. Investor demand was high, and the IPO was reportedly oversubscribed early into its two-week long pitch to potential investors.

In addition to raising it’s price, Lyft raised the number of shares in the offering between Wednesday and its official pricing announcement on Thursday.

The IPO is being closely watched as test of Wall Street’s appetite for a new crop of fast-growing, but money-losing sharing economy businesses. Uber, the world’s largest ride-hailing company, is expected to list shares in an IPO in the weeks after Lyft’s offering.

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