Ride-hailing company Lyft announced late on Thursday that it has priced its initial public offering at $72 per share, valuing the company at close to $24 billion.
Shares are expected to be listed on the Nasdaq on Friday under the ticker symbol LYFT, and the offering is expected to close on April 2.
The IPO is for 32,500,000 shares of Class A common stock in Lyft, plus an additional 4,875,000 shares that will be made available to underwriters.
Existing shareholders in Lyft include co-founders John Zimmer and Logan Green, who serve as president and chief executive, respectively, as well as General Motors. Other key shareholders include PayPal co-founder Peter Thiel and Japanese e-commerce firm Rakuten.
Information from Lyft's prospectus revealed that the company lost $911 million in 2018 on revenues of $2.2 billion. The company also said in a filing with the Securities and Exchange Commission that its market share in the United States was 39 percent as of December 2018.
Lyft's main rival in the U.S., Uber, is expected to launch its own IPO, likely on the New York Stock Exchange, in April. Some estimates for Uber's value has been at over $100 billion. Naturally, all eyes will be watching the performance of Lyft's shares in the lead up to Uber's IPO.