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Lyft's trading debut ranked sixth among the top 10 US tech, internet IPOs

Lyft sold 32.5 million shares for $72 apiece after initially marketing 30.8 million shares at $62 to $68 each

Lyft Inc, Lyft
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An illuminated sign appears in a Lyft ride-hailing car in Los Angeles, California, US. (Photo: Reuters)

Olivia Zaleski & Eric Newcomer | Bloomberg
Tech unicorns got a bounce in their step with Lyft Inc’s initial public offering valuing it at $22.4 billion after its first day of trading.

Ride-hailing’s No. 2 provider in the U.S. first raised its target range and then expanded its offering to raise $2.34 billion. While the shares closed Friday up only 8.7 per cent compared with the 21 per cent surge at the opening bell, that’s still a validation by public investors of the company’s pre-IPO valuation, said Barrett Daniels, a Deloitte partner who specializes in IPOs.
 
“This is a very good sign for any company currently in the

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First Published: Mar 30 2019 | 7:39 PM IST

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