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Lyft’s shares soar as investors bet on ride-hailing future
Lyft’s shares soared as the company went public Friday, giving investors their first chance to bet on the future of the ride-hailing industry.
The stock opened at $87.24, up 21 per cent from its offering price of $72. Lyft won the race with its much larger rival Uber to go public, and the debut marked the first time most people who have used their smartphone to summon a car through Lyft or Uber can take their chances on whether the ride-hailing phenomenon will continue to transform transportation and become a money maker.
Lyft raised its target price from its initial range of $62 to $68 over the course of the last week as investors clamoured to get in on the action, despite the company’s history of losses.