On the other end, Lyft's primary competitor Uber is set to go public this April too. However, Reuters reported shares today were seen opening 19.4% higher at $86.00 in the first IPO of a ride-hailing startup.
Instead of celebrating the first day of trading at the Nasdaq in New York, Lyft opted to mark the occasion at a defunct auto dealership in downtown Los Angeles.
"It's good news for them to see that the market has a huge appetite for IPOs", said Reena Aggarwal, director of the Center for Financial Markets and Policy at Georgetown University.
That's a successful first day, and Lyft should be congratulated for surviving its cutthroat early years and helping to create a novel form of transport.
The IPO raised more than $2 billion to use in its heated competition with Uber to woo riders.
Through its technology platform, Lyft has facilitated more than one billion rides and is available to 95% of the US population with all of its services, according to its IPO prospectus. "It was fun to ring the bell with several members of our driver community and have many of them participate in our IPO because we gave them a bonus to do so".
John Zimmer, Lyft's president and co-founder, says the road ahead comes with massive opportunities and genuine challenges.
2 killed in 'random' shooting, crash in Seattle
Green says the driver turned the bus around and drove to a safe place before hitting his alarm button and reporting he was shot. The man, who is from the Sand Point area, allegedly then opened fire on a second motorist in a red Prius, killing the driver.
Unlike Uber, which has developed its own self-driving division, Lyft has chosen to strike partnerships to expand in the sector, including with vehicle parts suppliers Magna International Inc and Aptiv Plc.
Lyft however kept their focus only on consumer transportation.
Analyst Richard Windsor, who writes the tech blog Radio Free Mobile, argues that Lyft may not be ready for the scrutiny it will face as a publicly-traded firm.
The company's US market share has expanded from 22 percent in 2016 to 39 percent past year as Uber slogged through revelations about rampant internal sexual harassment claims, allegations that it stole self-driving technology and other mortifying issues, prompting a consumer backlash. Orders for the IPO were oversubscribed last week, two days after Lyft opened its roadshow to investors, people familiar with the process said at the time.
Despite Lyft's recent inroads, there is still no guarantee the company will become profitable - a risk flagged in its own regulatory filings leading up to the IPO.
The following is a list of the biggest winners from the IPO.
At the flotation price, Mr Green's stake was worth about $600m while Mr Zimmer's was valued at $415.8m. On the other hand, it has the largest revenues of a pre-IPO company behind only Google and Facebook.
Lyft said Friday it will invest $50 million annually, or 1 percent of profits - whichever is greater - in transportation initiatives in cities.