Lyft stalls as shares slip below IPO price on second day of trading
Taxi company’s shares dropped about 12% on Monday, ending the day at $69.03 after selling shares at $72 on Friday
Shares in Lyft, the ridesharing company, stalled on Monday, falling below their initial public offering (IPO) on their second day of trading.
Lyft became the first of a new wave of giant tech companies to go public last Friday, selling shares at $72 a piece. The hotly anticipated sale saw Lyft’s share price leap to $78.89 on the first day of trading.