Ride sharing company Lyft has had it value soar on its first day on the Nasdaq with the company’s shares up 8.7 per cent at US$78.29 with a valuation of US$26.5 billion.

Lyft debuted on the Nasdaq with a price of US$72 last Thursday. On Friday, its shares opened at US$87.24, a growth of 21 per cent from its initial IPO price.

Update 2/4/19: After a strong start Lyft’s shares are now trading below their IPO price.

This value was inline with JP Morgan Chase and Co valuation of the company last December quoting it would be worth between US$20 billion and $30 billion once public.

The company offered 32,500,000 shares of its Class A common stock, plus up to an additional 4,875,000 shares that the underwriters have the option to purchase.

The Silicon Valley company raised US$2.34 billion, making this the biggest tech IPO debut for 2019, according to the Wall Street Journal.

The ride sharing service will be joining technology giants like Google, Apple and Facebook on the Nasdaq.

Lyft and its rival Uber have been battling it out to see who would file for their IPO first, with Uber expected to list first after filing its S-1 paperwork in December 2018.

Lyft is the first of the two ridesharing companies to go public. Uber is expected to list on the NYSE – not the Nasdaq – within the next month at an expected approximate valuation of US$120 billion.

J.P. Morgan Securities, Credit Suisse Securities, Jefferies, UBS Securities, Stifel, Nicolaus & Company, RBC Capital Markets and KeyBanc Capital Markets are acting as the company’s book-running managers.

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