What a week for Lyft. After raising its IPO range, and pricing at the top of new price interval while raising billions, Lyft opened at $87.24 today. That’s $15.24 more than its IPO price, or 21.17 percent.
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For backers of the company, that fresh 20 percent bump could mean millions, tens of millions, or hundreds of millions more as their stake in the newly-liquid ridehailing unicorn bumped up in morning trading. 1
Take a second to imagine what would’ve happened if John Zimmer and Logan Green had never rebranded their ridehailing company from Zimride. There would be no Lyft-off jokes about a $24 billion dollar company on Twitter right now. That’s about all that would have happened.
As you can tell, here at Crunchbase News HQ (pictured here), we’re a bit more blaseé about the result as it’s unsurprising. What we’d really be interested in learning about now that it’s public is its earnings (so Lyft, if you’re reading this, we’d love to chat with the CEO afterwards).
In all seriousness, given that Lyft only spiked 20 percent, it appears that the firm did a good job capturing a high percentage of available capital in its debut; a modest pop is a good compromise between picking up as many quarters off the floor as you can, while still enjoying a strong publicity run on the back of your good results.
And if you pop a bit, it’s far harder to slip back under your IPO price.
But all that is behind us now, and we’re pretty tired about writing about Lyft and its IPO. So, here’s a gif of a unicorn taking flight. Enjoy your Friday.
Top Illustration: Li-Anne Dias.
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