The taxi-booking app Lyft has been valued at over $24 billion (£18.6bn) ahead of its floatation on the stock market.

With individual shares priced at $72 each, it is the largest company to go public since Alibaba floated in 2014.

The valuation sees co-founders Logan Green and John Zimmer's stake worth around $500 million each. Lyft said its drivers will receive $1,000 each, either to be taken as cash or kept as shares.

Lyft's share of the rideshare market is now at 39%, up from 22% in 2016, as it competes with Uber, which is expected to be valued at around $120bn when it launches on the stock market.

Revenues doubled from $1.1bn to $2.2bn in 2018, although its losses widened from $688 million to $911m.