The ride hailing company Lyft debuted on the NASDAQ stock exchange on Friday, soaring 20 percent in the first few minutes of trading and closing up nine percent for the day.

The stock rose began at US$72 per share, finishing at US$78.29.  That values Lyft's stock at US$25.4 Billion, which comes out to more than AU$34.5 Billion.  The company's founders Logan Green and John Zimmer are now multi-millionaires.

"We're not needing to pull away from markets, we're going at the right pace, we're going deep in transportation, deep in the markets we're in," said Mr. Zimmer, "That has allowed us to gain the market share that we've gained and (global growth) is a great call option down the road."

Lyft beat its rival Uber in the IPO, although the much larger Uber is expected to go public at the New York Stock Exchange sometime next month with a value of US$120 Billion.  Although it enjoys a better public image than Uber, both are dealing with labor problems with the drivers over pay and many other issues.  Lyft drivers in California staged protests in teh days leading to teh IPO to call attention to what they described as unfair treatment of drivers.

"Drivers are being paid less money than they were in the past, working longer hours, and living farther away from where they drive," said Shona Clarkson, an organizer with Gig Workers Rising, which describes itself as a community of app and platform workers organizing for better wages, working conditions and jobs.  "Board members and executives at Lyft are going to be rewarded with millions, while the drivers who provide the core service of this company will continue to be marginalized."