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Aug 19, 2019

Lyft rebounds after insiders get their first chance to sell shares

The Lyft Inc. application is displayed on an Apple Inc. iPhone in this arranged photograph taken in New York, New York, U.S., on Sunday, Feb. 24, 2019. Valued at $15.1 billion on the private markets in its last funding round, Lyft is aiming for an IPO valuation of $20 billion to $25 billion, a person familiar with the matter has said.

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Lyft Inc. (LYFT.O) shares dropped sharply at the market open on Monday, but then quickly recovered, as some early investors got their first opportunity to sell the stock.

Shares of the ride-hailing operator fell as much as 3.7 per cent to US$50.51, before gaining as much as 2.1 per cent in New York. A block of 1.04 million in Lyft Class A shares, or about 2.6 per cent of float, traded at a market value of US$53.7 million at 9:30 a.m., according to Bloomberg data. The performance compares to the S&P 500, which rose more than 1 per cent.

The company had estimated that about 258 million Class A shares may become eligible for sale at the market open on Monday.