March 31, 2019 | Investopaper
Transportation network company Lyft which operates its business through Lyft mobile app has started its trading in the public market this Friday. The company sold 32.5 million shares at $72 per share to raise a whopping amount of around $2.3 billion through the IPO issue.
This was the first IPO issue by the major tech giant in 2019 as many other tech companies are preparing to issue an IPO this year. The stock gained 8.7 percent before the trading ended to close at $78.29. Also, the no. of shares traded during the trading hours were exceptional with more than 6 million shares traded at the open.
The company was valued at $22.2 billion at the end of its first trading day.
The company which is based in San Francisco holds its operation in the US and Canada. It provides transportation services in around 300 cities in the USA and serves its customers by providing over 1 million rides per day.