Lyft stock priced at $72 in an IPO that values the company at roughly $24 billion, a boon for the ride-hailing app that many wrote off as doomed
Many thought Lyft Inc., long the ride-hailing underdog, was doomed as it battled a cutthroat rival in an industry where the winner would take all. Now it’s a Wall Street darling valued at roughly $24 billion.
For much of the past decade—one in which ride hailing grew from nothing into an indelible part of transportation—Lyft played the part of an also-ran to Uber Technologies Inc. It was subject to a series of aggressive tactics by Uber, which tried to corner the capital markets and make it difficult for competitors to land...
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