Lyft IPO opened at $87.24 in trading debut Friday after pricing at $72.
Lyft's stock popped as much as 23 percent in its debut on the public market Friday. Shares opened at $87.24 a piece and ultimately settled to modest gains.
Lyft said Thursday that it sold 32.5 million shares — more than expected — at $72 apiece. That's at the high end of the stated range, which was already boosted from an initial range of $62 to $68. That means the company raised about $2.3 billion from the listing. The No. 2 ride-hailing company revealed skyrocketing revenue in its IPO prospectus, but posted a 2018 loss of $900 million. The stock's early performance will serve as something of a litmus test for public investors and their tolerance for mature, not-yet-profitable tech giants.
Lyft rival Uber is expected to go public later this spring, having confidentially filed for its public offering on the same day as Lyft in December. Pinterest, Slack and Postmates have also filed for IPOs. Uber is expected to release its S-1 filing and go public in April.
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