Lyft's rocky debut has been an exception to the hot IPO market so far this year.
In a sign IPO sellers are not tone-deaf, Pinterest is pricing its 75 million share IPO at $15-$17 a share, which at the $17 range would raise $1.3 billion and value the company at below the $12 billion it was valued at during its last round of fundraising in 2017.
But Lyft's rocky debut has been an exception. Since Levi Strauss went public on March 21, there have been eight IPOs with market caps over $100 million. The bad news is the gains have all been on the first day of trading, for the most part. The aftermarket return for the eight has been -1.0%.
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