Shares of Lyft soar as company goes public

LOS ANGELES (AP) – Shares of Lyft, Inc. are soaring as the company goes public.

The stock opened at 87.24, up 21 percent from its offering price of $72, which was better than its initial expected range of $62 to $68.

The debut marks the first time most people who have used their smartphone to summon a car through Lyft or its larger rival Uber can bet on whether the ride-hailing phenomenon will be a money maker.