Lyft Valued at $22.4 Billion After Rising in Trading Debut (3)

March 29, 2019, 4:45 PMUpdated: March 29, 2019, 9:36 PM

Lyft Inc., the No. 2 U.S. ride-hailing giant, jumped in its debut after raising $2.34 billion in an initial public offering that priced at the top of an elevated range, sending an encouraging signal to the stampede of Silicon Valley companies lining up to go public this year.

Shares opened March 29 at $87.24 -- 21 percent above the IPO price of $72 -- and drifted downward in the afternoon, closing up 8.7 percent to $78.29 in New York. That gives the company a market value of about $22.4 billion.

After Lyft’s co-founders Logan Green and John Zimmer rang the ...

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