Lyft’s IPO joyride comes to abrupt halt on its second day of trading via ReutersTV
- Shares of Lyft Inc crashed through the ride-hailing company’s initial public offering price on just their second day of trading, tumbling as much as 10.5 percent and matching the speed at which Facebook Inc gave up its IPO price following its botched offering nearly seven years ago.On Friday, Lyft’s shares opened at $87.24, popping 21.1 percent in their debut on the Nasdaq stock exchange, but later pared gains to close up 8.74 percent at $78.29. That valued the company at $22.
Whether Lyft can deliver the turnaround Facebook managed is a top question for investors. After hitting a life-time low about three months after its IPO, Facebook shares have gained more than 800 percent to become the “F” in the vaunted FANG group of tech high flyers. It currently trades at $168.50. FILE PHOTO: The Lyft logo is seen on a parked Lyft Scooter in Washington, U.S., March 29, 2019. REUTERS/Brendan McDermid/File Photo
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