Lyft’s shares are set to start trading on the tech-dominated Nasdaq index on Friday.
The strong valuation makes it the largest company to go public since China’s Alibaba Group in 2014.
Lyft’s main rival, Uber, is also expected to float this year.
Technology-based firms Pinterest, Slack, and Postmates are scheduled to make their market debuts this year.
Analysis: By Michelle Fleury, New York business correspondent
Lyft’s stock sale is a big moment for the tech industry.
Shares in the ride-hailing company were priced at $72 apiece, which was at the high end of expectations. This suggests a strong appetite from investors ahead of the company’s first day of trading as a public company.
For a firm that is not yet profitable, it validates its business model, which has established it as the number two player in the US.
Wall Street is eager to participate in the massive growth of the ride-sharing industry. That bodes well for Lyft’s rival, Uber, which looks set to make its debut soon on the New York Stock Exchange.
But there are risks, from regulatory uncertainty to the fierce competition likely to emerge as the autonomous vehicle market develops.
Given its dual-class share structure (Lyft is keeping voting control), investors are buying a small piece of a company in which they will have almost no say.
Lyft was launched in 2012 by technology entrepreneurs John Zimmer and Logan Green, three years after Uber was founded.
It remains a smaller company with a limited international presence. When it goes public, Uber is expected to be valued at about $120bn.
However, Lyft’s profile has risen over the last few years, as its larger rival was hit by the controversy surrounding its aggressive corporate culture and data collection practices.
The company says Lyft now accounts for about 39% of the US ride-share market, up from about 22% in 2016.
According to its filing with the US Securities and Exchange Commission (SEC), Lyft’s revenues doubled in 2018 to reach $2.2 bn, compared with $1.1 bn in 2017.
However, its losses also increased. The company lost $911m in 2018, up from $688m in 2017.
