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Home / Business / Lyft Closes 9% on Day One – TechCrunch

Lyft Closes 9% on Day One – TechCrunch



Pink Confetti fell off the ceiling on Friday when the founders of Lyft Logan Green and John Zimmer celebrated their IPO. The stock offering was a real hit, selling $ 87.24 apiece on Friday morning – 21 percent more than Lyft's original $ 72 price – to close at $ 78.29 per share.

Lyft rallied on Thursday night about $ 2.3 billion, before it rang the Nasdaq opening bell on Friday around noon Pacific. The IPO gave Lyft an initial market capitalization of approximately $ 24 billion, . This equates to 11x multiple revenue and a 1.6x increase over its most recent private valuation of $ 1

5.1bn.

On Bloomberg TV, Lyft's co-founders discussed the company's long-term prospects, including international growth, autonomous vehicle plans, the future of car ownership, and insurance.

"We are confident that the business will be very profitable," Green told Emily Chang. "We are making tremendous progress in this unique generation where the entire industry, a $ 1.2 trillion market, could move from a ownership model to a service model, and we're on the way."

The pair opted for the initial public offering in Los Angeles, Lyft's largest market.

"We want to point out that you can both invest in communities and build a great business," Zimmer said. "It was fun to ring with several members of our driving community. Many of them participate in our IPO because we gave them a bonus. "


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