Lyft starts trading at $87.24 as investors hail the ride-sharing company's stock
Ride-share company Lyft Inc (NASDAQ:LYFT), which is Uber’s closest rival, debuted the biggest American IPO in five years Friday when it began trading at $87.24 per share on Nasdaq.
The company had priced 32.5 million shares late Thursday at $72 per share, valuing the company at more than $23 billion. The tech unicorn was earlier expected to price at a lower range between $62 and $68 per share.
The initial trade represents a 21% premium over the IPO price.
Founded by CEO Logan Green and President John Zimmer in 2007, Lyft launched its ride-hailing app in 2012.
JP Morgan, Credit Suisse and Jefferies are the lead underwriters of the offering.
Contact Uttara Choudhury at [email protected]
Follow her on Twitter: @UttaraProactive
Story by ProactiveInvestors
Source: https://www.proactiveinvestors.com/companies/news/217551/lyft-starts-trading-at-8724-as-investors-hail-the-ride-sharing-company-s-stock-217551.html
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