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.
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