"In the early days, people misunderstood, 'Oh you guys are the nice guys".
Despite the optimism, there are also mounting concerns that these tech IPOs may be coming at the peak of the market, when the benchmark S&P 500 Index has risen more than 200 percent since 2008.
Balance sheet: In its IPO documents, Lyft showed revenue of $2.2 billion last year, up 103 percent year-over-year, and a net loss of $911 million, up 32 percent.
All eyes were on Lyft Friday morning as investors rushed to get a piece of the first big US technology listing of the year.
Lyft and Uber have been classified as independent contractors, claiming that most drivers prefer the flexible work arrangement, even if it offers fewer benefits and less job security.
While in the last two years, the company has also gone from 15% to 29% of the ride-sharing market.More news: Miley Cyrus brings back her Hannah Montana look!
Lyft's first day of trading went as high as $96.84 a share and as low as $75.49 a share before finally setting at $87.24 before the trading day ended at 10% increase.
Some of Lyft's gains are due to Uber's woes. Unlike many other news organizations, we have not put up a paywall.
A #DeleteUber campaign surged on social media.
Lyft's major hurdle right now is being able to maintain their drivers and market towards even more riders and drivers to join their ride-hailing arsenal. It targeted socially conscious millennials who are concerned about harming the environment by owning a auto.
Lyft Goes PublicLogan Green and John Zimmer, co-founders of Lyft, celebrated the company's IPO on Friday. In the States, Uber is fighting it out with rival service Lyft. "It drives the attention to Lyft, not to mention gives it free marketing". When pressed by Bloomberg's Eric Newcomer on Thursday, founder Logan Green dodged the profitability question: "We cannot talk about the future", he said, "but what we can tell you is that we have set ourselves up to deliver long-term shareholder value". Uber, a global logistics and transportation company most recently valued at $76 billion in the private market, is seeking a valuation as high as $120 billion, although some analysts have pegged its value closer to $100 billion based on selected financial figures it has disclosed. Developing autonomous vehicles is key to reducing driver costs, and Lyft is behind competitors such as Google spin-off Waymo, which has begun testing a ride-hailing service using its robotic minivans in the Phoenix area.
The ride-hailing industry is expected to grow rapidly in the coming years, as young millennials in big cities choose not to buy their own auto.
John Zimmer, Lyft's president and co-founder, says the road ahead comes with massive opportunities and genuine challenges.