By Brian Moses MBowe, New Africa Business News
New Africa Business News- Ride sharing giant Lyft, a Silicon Valley company trading on Nasdaq, the company’s shares opened at nearly under $87.00 per share, and closes at $78.29. The company is valued at $24.3 billion in the first initial public offering ( IPO ) . General Motors holds more than 18 millions shares with Lyft and could be valued at more than $1 billion.
Lyft ahead of Uber to become the first publicly traded ride sharing company. Uber was valued about $62 billion in last year’s venture financing, following a successful Lyft initial public offering, that might go as high as $80 billion.
Reported by Brian Moses MBowe New Africa Business News North America Correspondent