SAN FRANCISCO — Lyft jumped as its shares began trading on public markets Friday, a robust start for the first in a stream of stock offerings expected from high-profile technology companies this year.
The company’s skyrocketing share price underscored the depth of investor hunger for fast-growing young tech businesses, even if they are deeply unprofitable.
Investors turned a blind eye to the steep losses and heavy spending, which bodes well for a herd of coming offerings.
Lyft’s high listing price and performance are a “reflection of the appetite” from investors, said Tom White, a senior vice president at D.A.
Mr. Green, who grew up in Santa Monica, Calif., and has cited heavy traffic in the area as an inspiration for Lyft, and Mr. Zimmer used the occasion of the I.P.O.
The pair hold a special class of shares that give them extra voting power, a practice common among tech founders but criticized by investor advocates.
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- Lyft pops 21% on its first day of trading on Nasdaq, after raising $2.2B in its IPO at a $24B valuationTechCrunch
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