Shares in Lyft have jumped by 21% after the ride hailing company listed its shares on the Nasdaq stock exchange in New York.
The company’s stock rose from a starting price of $72 each to $87.24, valuing Lyft at $28.2bn.
The initial public offering (IPO) has made multi-millionaires of the seven year old company’s founders, Logan Green and John Zimmer.
Their combined stake in Lyft is worth more than $1bn.
Lyft is yet to make a profit and reported widening losses of $911m last year compared to $688m in 2017 despite revenues rising to $2.1bn.
The IPO is seen as a litmus test for a number of technology flotations that are expected this year, including Lyft’s bigger rival Uber which could be valued at as much as $120bn when it lists its shares.
Lyft is raising $2.3bn which it plans to use for operating costs as well as making investments in acquisitions and technology.
At the float price, Mr Green’s stake is worth around $600m while Mr Zimmer’s is valued at $415.8m.