IPO Report: Lyft stock pops on first day of trading in encouraging sign for unicorn pipeline

Shares of Lyft Inc. are soaring in Friday trading after the ride-hailing company made its debut on the Nasdaq.

Lyft’s stock LYFT, +12.33% was up 12% in midday trade, giving the company a $23.3 billion market value. The company raised $2.34 billion through the offering and could raise up to $2.69 billion if underwriters execute all of the options granted to buy additional shares.

Lyft’s initial public offering priced at $72 on Thursday night, at the high end of an upwardly revised range. The first trade was at 11:48 Eastern time for $87.24 a share, or 21% above the IPO price.

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