The San Francisco headquartered company is set to list on the Nasdaq on Friday, with shares priced at the top of their proposed range.

The company has decided to increase the number of shares it is selling from 30.8 million to 32.5 million, on the back of strong investor interest. This means Lyft is on course to raise $2.69bn from the IPO.

In 2018, the company reported revenue of $2bn, while losses widened to $911m, Sky News reported.

Since launch in 2012, Lyft has not made a profit to date. With this in mind, Jordan Hiscott, chief trader at ayondo markets, a spread betting specialist, notes that the $24bn valuation may leave some investors scratching their head.

“Yet, on the contrary, I would not be surprised if at some point today the shares traded above $80,” he said.

“The story for Lyft represents a gigantic change to how we use and see automobiles. Indeed, this is exciting for investors, but I would recommend ‘caveat emptor’!”

Last week, Uber revealed plans to list on the New York Stock Exchange, with reports estimating that the company could be valued as high as $120bn in what is expected to be one of the biggest IPOs of 2019.