Investors hail Lyft shares in IPO, see profits down the road

Posted by Cathy Bussewitz And Michael Liedtke, The Associated Press

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Lyft’s shares soared as the company went public Friday, giving investors their first chance to bet on the future of the ride-hailing industry.

The stock opened at $87.24, up 21 per cent from its offering price of $72. It closed at $78.29, up 8.7 per cent, giving the company a $27 billion valuation.

Investors embraced Lyft despite an uninterrupted history of losses totaling nearly…Click here for full article.