Shares of Lyft Inc. soared in Friday trading after the ride-hailing company made its debut on the Nasdaq but pared those gains as the day wore on.
Lyft’s stock LYFT, -0.06% closed up 8.7% at $78.29, giving the company a $22.39 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.
The stock was one of the most actively traded on major U.S. exchanges, as trading volume exceeded 71 million shares. By midday, Lyft made up 6.3% of total TD Ameritrade equity volume.
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. Shares rose to an intraday high of $88.60 and fell to a low of $78.02.