Lyft listed at $72 per share in early April
It has been a confusing couple of months in the US
markets. The Treasury bond market suffered the largest selloff
of the year at the beginning of April, as widespread concern
about the lack of global growth concerned investors. The yield
curve turned negative mid-March, prompting fretting across the
financial markets. The last two times this happened for a
meaningful length of time, recession soon followed. There has
also been a global bond rally as yields fall – which
has been good for hedge funds.
Into this melee came tech unicorn Lyft with its long awaited
IPO. Its Nasdaq offering priced at $72 per share with a
valuation of $24 billion, but came crashing down the following
week as secondary investors got stung by overly high, volatile
share prices. Next up, Uber.
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