The daily business briefing: March 29, 2019

Lyft to raise $2.3 billion in 1st ride-hailing IPO, mortgage rates fall as growth fears stoke demand for Treasurys, and more

The Lyft logo is displayed on a Lyft Hub on March 7, 2019 in San Francisco, California.
(Image credit: Justin Sullivan/Getty Images)

1. Lyft to raise $2.3 billion in 1st ride-hailing IPO

Lyft priced its shares at $72 apiece on Thursday, valuing the company at more than $24 billion ahead of the Nasdaq debut of its stock on Friday. The offering is expected to raise about $2.3 billion after the ride-hailing company raised its price range due to strong demand and increased the number of shares sold. Lyft was not the first ride-hailing app, but it is becoming the first to be publicly traded. Its larger rival, Uber, is preparing for its own IPO in the next few months. Uber's offering is expected to be the largest in years. Several other high-profile startups, including digital pin board Pinterest, are getting ready to make the same leap.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.