"This is a quick start for Lift's share as investors are salivating [over] who owns a piece of the $ 1 trillion share market," said Governor Dan Ives in a statement to CNBC. "The robust beginning of trading is also a clear positive for other technological names looking at Lyft to measure the demand for investor and Street reaction to this transformational consumer technology name."
The No. 2 riding company revealed skyrocketing revenues in its IPO prospect, but posted 2018 losses north of $ 900 million. The share's early performance will serve as a litmus test for public investors and their tolerance for mature, non-profitable tech giants.
"We're ready to be held accountable. We're excited," co-founder and President John Zimmer told CNBC's Andrew Ross Sorkin in an interview at "Squawk Box" Friday morning. "In our case, I think what we have seen in talking to investors [is] is that more people may be surprised to see the numbers we publish, and I think this is a big part of the process. Wasn't the goal ̵
Lyft-rival Uber is expected to be public later this spring, and has confidently filed for the public offer on the same day as Lifting back in December. Pinterest, Slack and Postmates have also filed for IPOs. Uber is expected to release its S-1 filing and become public in April.
"Lifting pops Dom Perignon today, but how the stocks are trading in the coming months and especially when Uber comes out and becomes public, will be the real test in our opinion," Ives said.
The shares are trading on Nasdaq under the ticker symbol LYFT. JP Morgan, Credit Suisse and Jefferies are the leading underwriters of the offer.
Lift has been appointed to CNBC Disruptor 50 List three times, ranked fifth on the 2018 list.