On Thursday, March 28, 2019, Lyft Inc. priced 32.5 million Class A shares at $72 per share, $7 above the midpoint of the initial price range of $62-68 and at the top end of the revised range of $70-72, raising $2.34 billion. The company’s initial public offering was led by JPMorgan, Credit Suisse, and Jefferies. The Class A shares will trade on the Nasdaq Global Select Market under the ticker symbol “LYFT.”
On Friday, March 29, LYFT opened for trading at $87.24 per share, representing a 21.2% increase above the stock’s initial offering price. After the IPO, Lyft Inc. will have 271.37 million Class A shares outstanding and 12.78 million Class B shares, holders of which will have 20 votes and can convert them into one Class A share, which has one vote.
Penserra participated as a co-manager on the Lyft Inc. IPO. Penserra is proud to have been selected as one of five diversity broker-dealers included on the cover of the prospectus. Lyft Inc. was the first of the so-called tech “unicorns” (privately-owned startups valued over $1bn) to go public in 2019 and will be a bellwether for other large tech IPOs expected this year. 2018 saw the largest volume of unicorn IPOs since the height of the dotcom bubble. With a pipeline filled with many large tech companies, including Uber, Airbnb, Slack and Pinterest, 2019 is shaping up to be even larger.