Good Day,
Lyft’s long-awaited initial public offering (IPO) hit the markets Thursday afternoon, with the ride-hailing company raising $2 billion based on pricing at $72 per share, the top of the expected range of $70 to $72 per share. This gives Lyft a fully diluted market value of $24 billion. Lyft sold 32.5 million shares in the IPO, above the nearly 31 million that it had targeted in its regulatory filings.The company will debut on the Nasdaq stock exchange this morning, trading under the ticker symbol “LYFT.”
Did you know
California’s latest emissions bill is directed at the medium- and heavy-duty trucking industry, which, along with buses, account for 90 percent of the state’s toxic diesel exhaust. Diesel emissions would need to be reduced by 80 percent by 2050.
Quotable
“Buying in the public offering is a leap of faith in the ability to continue this momentum that they’ve shown as private companies. But they’re getting big – and it’s hard to have those same kind of percentage growth rates.”
Venture capital pioneer Alan Patricof, warning investors about irrational exuberance related to the Lyft and Uber IPOs. (YahooFinance)
In other news
Netflix of transportation reduces car use, expert says
Data from startup company’s Whim, founded by one of the fathers of the mobility-as-a-service concept, demonstrates ride-sharing’s potential to get people out of the habit of using cars. (Forbes)
Food Lion, other grocers to use AI for food suppliers
The new system is intended to improve how buyers predict demand and get products to store shelves faster. (WSJ)
Millions of electric cars needed in Germany’s war on pollution
Cutting carbon emissions will require a huge boost in electric car ownership. (Bloomberg)
Immigrants flock to truck driver training
Many of the students at Denver-area driver training centers are East African and Afghan. (PostIndependent)
Japan’s Honda, Hino join SoftBank-Toyota mobility venture
Japanese automakers Honda and Hino are joining a partnership between SoftBank and Toyota. (StarTribune)
Final thoughts,
Fresh off the launch of Trucking Freight Futures this morning, the FreightWaves team on Friday and Saturday will host around 60 college students from 14 different schools competing for $9,000 in the inaugural FreightTech Innovation Challenge Case Competition. The students will spend two days working to solve challenges facing the transportation and logistics industries with the chance to win cash prizes and find potential employers.
Hammer down everyone!
