March 29 (UPI) -- Ride-share provider Lyft soundly beat expectations Friday with an $87 debut on the Nasdaq -- 20 percent higher than the announced price of $72.
The high of $87.24 put the total value of the company at $25 billion.
Lyft had said in an earlier filing with the Securities and Exchange Commission it would offer public shares for $72, which was near the top of analysts' projections. The initial offering period runs through Tuesday.
The company said it will offer 32.5 million shares of Class A common stock and 4.9 million options for underwriters. It began trading Friday morning on the tech-heavy Nasdaq under the ticker symbol "LYFT."
Lyft CEO Logan Green will hold 29 percent of the company's voting power of the outstanding capital stock. President John Zimmer will have 19.5 percent. Green and Zimmer co-founded Lyft in 2012.
Zimmer said the company is ready to be held accountable to shareholders.
"For us this wasn't the goal -- this is a milestone along the way -- but we feel like it helps us with additional access to capital," Zimmer told CNBC.
Experts for a long time discussed Lyft's IPO as a potential blockbuster -- particularly as it relates to a forthcoming initial offering from chief rival Uber, which is planning its debut next week. Analysts project Uber's IPO could put the company value as high as $120 billion -- $95 billion more than Lyft. Unlike Lyft, Uber shares will be traded on the New York Stock Exchange.
Lyft IPO prices at $72, valuing the company at $20.5 billion from CNBC.
