Lyft goes public - valued at $24 billion

The ride-hailing company priced its shares at $72 yesterday ahead of its public listing, valuing the Uber rival at more than $24 billion.

While the company has generated large revenues, it also has the largest net losses of any pre-IPO businesses—close to $1 billion in 2018.

$72 a share is on the high end of market expectations, as last year many were expecting Lyft to be valued at less than $15 billion with an initial price offering of $62 to $68.

The company has been doing road shows to raise interest in the IPO, and crowds have gathered in strong numbers, typically leaving minimal standing room only at the venues Lyft has presented at.

Early investor sentiment has been so positive that the app-maker decided to price higher than expectations. In fact, a few brokerages have initiated coverage ahead of any actual trading. This is not in anyway normal, as firms usually wait a few weeks for sell-side research on newly publicized companies before initiating coverage.

Wedbush securities began coverage with a price target of $80, and D.A. Davidson has issued a buy rating and a $75 price target.