Lyft set the price for its stock at $72 per share in Thursday, setting the stage for the ride-hailing stock market debut.

Lyft is offering 32,500,000 shares of its Class A common stock, plus up to an additional 4,875,000 shares that the underwriters have the option to purchase. The shares are expected to begin trading on the Nasdaq Global Select Market on March 29, 2019 under the ticker symbol "LYFT" and the offering is expected to close on April 2, 2019, subject to customary closing conditions.

The price sets Lyft's market value at $24 billion, which will quickly change Friday after the shares start trading on the Nasdaq exchange.

Investors embraced Lyft despite racking up $3 billion in losses since its 2012 inception on the premise that its growing popularity will pay off in the long run.

Lyft and its rival Uber regularly lose money in their competition to win new markets, where they spend amply on subsidies for riders and drivers. The companies also spend cash on other transportation initiatives, like bikes, scooters and autonomous vehicles.

Uber is also expected to go public later this spring.