Lyft pops 21% on its first day of trading
Trading as LYFT on Nasdaq, the company’s shares opened at nearly noon today at $87.24, a pop of 21 percent on the $72/share figure the company set last night, when it raised $2.34 billion from investors, valuing the company at $24 billion. Expectations for how Lyft would do had been high, after the company priced at the high end of its range of $70-72, which itself was an increase on the range it had set the prior week, a sign of strong demand from investors during its roadshow. Lyft’s performance so far is a significant next chapter for the company and sets the stage for what to expect from other “gig economy” businesses when they go public — and notably, what we might expect from Uber, Lyft’s larger direct competitor.
Source: techcrunch.com