Lyft's IPO reportedly prices at $72 per share, leading stampede of tech unicorns
Ride sharing giant Lyft came to the market on Thursday, as the company beat rival Uber to the market in one of the biggest and most closely watched initial public offerings of the year. The company began trading on the Nasdaq at $72 per share, according to a report in The Wall Street Journal, giving Lyft a valuation of over $20 billion in the booming market for car sharing. Earlier this week, The Journal reported that high demand for the offering pushed Lyft’s stock pricing to a range of $70-$72 per share, well north of its original targeted range of $62-68 . “The ridesharing industry has become one of the most transformational growth sectors of the US consumer market over the past five years, with Lyft establishing itself as a clear #2 player behind the worldwide leader Uber,” said analysts at Wedbush Securities on Thursday, who initiated coverage of Lyft with a price target of $80 within a year. Lyft “continues to attract drivers and riders with its bran...