A whole bunch of major technology titans are expected to file initial public offerings (IPOs) this year, including Uber and Airbnb. One ride-hailng mobile application recently filed its IPO, and its prospects are a grim and could be a sign for other tech giants.
Lyft nabbed an IPO price of $72 a share. A day later, Lyft’s shares soared more than 21 percent to $87.24 on the NASDAQ. It was a different story on Monday.
At the time of this writing, Lyft shares cratered 11.98 percent to $69.01.
It did slightly recover from $67.78, so there’s good news for shareholders.
The same thing could happen to Uber and Airbnb. They could receive a tremendous IPO price, but once that company hits the open market, you better fasten your seatbelts because it’s going to be a bumpy night.
Leave a Comment