Lyft's pricing shows that many IPO investors don’t care very much about long-term investing, Therese Poletti writes.
The big demand for shares of Lyft Inc., one of the most anticipated IPOs of the tech unicorns, is the unofficial opening of this year’s IPO casino.
“I think the IPO world has just changed in the last few years, there was always an opportunity to get an allocation, and the notion of the first-day pop. But what the issuer crowd has figured out is that people are lined up for these deals,” said Kurt Schacht, managing director of standards and advocacy at the CFA Institute. “It’s more like a casino than an actual investment. I worry what that does long term.
“Our co-founders, individually or together, may have interests that differ from yours and may vote in a way with which you disagree and which may be adverse to your interests.” Lyft made a token effort to improve its corporate governance by naming Sean Aggarwal as its non- executive chairman in January. Aggarawal is CEO of Soar Capital, an early stage VC firm.
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