Lyft shares skid below IPO price in first full trading day
NEW YORK (AP) — Lyft’s shares have slumped almost 12 percent in their first full day of trading following the ride-hailing company’s initial public offering of stock.
The shares closed Monday down $9.28 at $69.01. That’s below the San Francisco-based company’s IPO price of $72.
In their stock market debut Friday, the shares hit $88.60, up 21 percent, before giving ground by the end of the day.
The ride-hailing company has consistently lost money, raising doubts about its overall valuation. Even so, some investors were wowed by the company’s growth in the past two years.