Lyft IPO opens at $87.24 in trading debut after pricing at $72
Lyft stock started trading on the public market Friday at $87.24 per share, more than 20 percent above the stock's IPO price.
The company said Thursday it sold 32.5 million shares — more than previously expected — at $72 a piece. That's at the high end of the stated range, which was already boosted from an initial range of $62 to $68. That amounts to a fund raise of $2.3 billion. "This is a lightning start for Lyft's stock as investors are salivating [over] owning a piece of the $1 trillion ride sharing market," Wedbush managing director Dan Ives said in a statement to CNBC."Lyft is popping the Dom Perignon today but how the stock trades over the coming months and especially once Uber comes out and goes public will be the real test in our opinion."
"We're ready to be held accountable. We're excited," co-founder and president John Zimmer told CNBC's Andrew Ross Sorkin in an interview on "Squawk Box" Friday morning."In our case, I think what we've seen in talking to investors [is] that more people are maybe surprised to see the numbers that we're putting out and I think this is a great part of the process.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Lyft to investors: We'll get to 20% margins...somedayLyft is expected to price its shares above the target range for its initial public offering, which is expected on Friday.
Read more »
Lyft prices IPO at $72 per share: SourceLyft IPO priced ahead of Nasdaq debut expected Friday.
Read more »
Lyft prices IPO at $72 per shareLyft IPO priced ahead of Nasdaq debut expected Friday.
Read more »
In market debut, Lyft counters Uber with 'nice guy' imageLyft Inc has been challenging larger ride-hailing rival Uber Technologies Inc fo...
Read more »
Lyft IPO: 5 things to know about the ride-hailing company ahead of its IPOLyft Inc. appears poised to beat rival Uber Technologies Inc. to an initial public offering, and that’s important for a number of reasons.
Read more »
Lyft valued at $24.3 billion in first ride-hailing IPOLyft Inc was valued at $24.3 billion in the first initial public offering (IPO) ...
Read more »
Lyft raises IPO price target as investor fret over missing outLyft Inc on Wednesday raised the price range for its initial public offering, as...
Read more »