Lyft Inc shares on Friday opened up 21.2 percent at $87.24 in its market debut on the Nasdaq after the company was valued at $24.3 billion in the first initial public offering (IPO) of a ride-hailing startup.
On Thursday, Lyft said it priced 32.5 million shares, slightly more that it was offering originally, at $72, the top of its already elevated $70-$72 per share target range for the IPO.
After a few minutes of trading, shares were up 18.6 percent at $85.42.
Instead of celebrating the first day of trading at the Nasdaq in New York, Lyft opted to mark the occasion at a defunct auto dealership in downtown Los Angeles.
A couple hundred people – Lyft staff, family and friends, stakeholders and Los Angeles Mayor Eric Garcetti – gathered before dawn for the kick-off event.
Lyft has recently bought the facility to turn it into a driver services center, the first of several it plans to open across the U.S. in the coming months, where drivers can get discounted services like help with taxes or charging electric vehicles.