REUTERS: Shares of ride-hailing company Lyft Inc crashed below their initial public offering price in just their second day of trading on Monday, matching the speed at which Facebook Inc gave up its IPO price after a rocky debut nearly seven years ago.
The shares had opened at US$87.24 in their Nasdaq debut on Friday, up 21 percent from their IPO price, then pared gains to close up nearly 9 percent, valuing Lyft at US$22.2 billion. The offering was 20 times oversubscribed, similar to other high-profile IPOs. "It traded really aggressively out of the gate," McCarthy said, noting that Allianz had traded out of Lyft because its shares were valued at above US$72.
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