LOS ANGELES/NEW YORK—Lyft Inc’s shares rose as much as 23 percent in their market debut on March 29, amid strong investor demand for the ride-hailing service that bodes well for larger rival Uber Technologies Inc.
Lyft’s IPO, which is the year’s biggest thus far, sets the stage for other Silicon Valley unicorns seeking to debut in the stock market this year, including Pinterest Inc, Postmates Inc and Slack Technologies Inc.
