Lyft's stock popped as much as 23 percent in its debut on the public market Friday. Shares opened at $87.24 a piece and ultimately settled to modest gains.
The initial public offering marks the first debut from a heavyweight class of tech companies going public in 2019.
Lyft said Thursday that it sold 32.5 million shares — more than expected — at $72 apiece. That's at the high end of the stated range, which was already boosted from an initial range of $62 to $68. That means the company raised about $2.3 billion from the listing.
The stock ended trading 8.7 percent up at $78.29 — something of a modest IPO for such a giant tech company. Appetite for the stock was strong though, with more than 6 million shares traded at the open. More than 70 million shares exchanged hands by market close.
Lyft ended its first day with a market valuation to $22.2 billion.