Lyft IPO Sets Market Value of $24 Billion

Ride-hailing service Lyft Inc. will begin trading shares today on the Nasdaq exchange at $72 per share.

The initial public offering, which follows a highly successful road show, will raise about $2.3 billion. Founders Logan Green and John Zimmer will retain a special class of shares that enables them to retain a nearly controlling stake in the company.

Lyft initially set a target price range for its shares of $62-$68. At $72, the 7-year-old company has a market value of $24.3 billion.

Rival Uber Technologies Inc. is expected to float its own IPO within the next few months. Analysts expect that offering will value Uber at $120 billion.