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Lyft prices IPO at $72 per share

Illustration: Lazaro Gamio/Axios

Lyft will raise $2.34 billion in its initial public offering, after offering more shares than expected and pricing them at the top of their upwardly-revised range.

  • This gives the ride-hail company an initial market cap of around $20.5 billion and a fully-diluted value of nearly $30 billion, which is approximately double Lyft's last valuation in the private markets.

Why it matters: Lyft is expected to be the first in a series of IPOs from highly-valued tech startups, and could help set multiples for where Uber is valued next month.