Tech unicorns got a bounce in their step with Lyft Inc’s initial public offering valuing it at $22.4 billion after its first day of trading.
Ride-hailing’s No. 2 provider in the U.S. first raised its target range and then expanded its offering to raise $2.34 billion. While the shares closed Friday up only 8.7 per cent compared with the 21 per cent surge at the opening bell, that’s still a validation by public investors of the company’s pre-IPO valuation, said Barrett Daniels, a Deloitte partner who specializes in IPOs.
“This is a very good sign for any company currently in the