Shares of ride-hailing platform Lyft debut

The company trades under the ticker symbol "LYFT."
3:43 | 03/29/19

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Transcript for Shares of ride-hailing platform Lyft debut
All right so the founders of the ride sharing company lists are about to be rich if they aren't already the company is going public today they're valued at over twenty million dollars. And appropriately trading under the symbol LYST. For more I wanna go to Jim Dina Fortson whether ABC station kgo in San Francisco. To be that talk about the excitement today and how lift is doing in early trading. Hi Kimberly able yes those shares debuted at 72. Dollars this morning and I just. Paint a picture here look silly talking into a let's right now we are right outside of their headquarters in downtown San Francisco out here's another one pulling up here I've never seen. So you let someone with a court I guess it's only fitting that the air employee affect them to and from work but the street was packed this morning. People literally running into the building full of excitement. So it came outside and let us know that they were getting big all us. Coffee and memo says the party was going. Slowing well before 6 o'clock this morning when the bell rang. Everyone really exciting here this is a huge moment we just solid some women in brazen in front of the door there. Because that they've been waiting on the stomach for a very long time. And they distance I mean it's finally here for that band that also. When you see people go N. They come right back out because I don't know about many B where is spending much time Edward today they're really just here to celebrate the big. Moments that's cool and so. Lift and the other ride sharing companies they're not profitable right now also with a live going public does this mean the prices are gonna go up. Yeah that's something that everyone has been talking about here it is potential at this point. And that's another tidbits of this on the consumer angle that. Actually doesn't directly involved the raid killing portion of it but here locally and the San Francisco Bay Area. We've been talking about the housing market it is a very expensive. Area to live and and that we are talking with our analysts here and they've explained that they expect in the next five to ten years. For housing costs to rise anywhere from fifty to 100%. Because of these. IPOs are calling it the IPO tidal wave not only will lift here bites blue work. Caribbean beach. Picture as does well they're looking at all of these companies that are hoping to go public in the next year and that will directly impact. Holmes in the area especially those that are close to headquarters like this when here. And that they really. Are kind of worried for some of that smaller guys here in the area. I wanna talk about something else when that bell ring to lift to weeded out a video explaining there. Reasoning for going public I just want to reach a little bit here. What they're talking about the program is called city works and on the heels of this idea Al. City word is going to start in Los Angeles before it spreads to other metropolitan area as where I went it will form what they're calling. An advisory council made up of civic leaders and advocates. And it commits a new month here of fifty million dollars a year or 1% of profits whichever one is greater. And that they are going to quotes improved continuing that city life. Through grassroots transportation initiatives they're wanting to make it a greener process here if you watch that video. You can see the people enjoying themselves in the car multiple people writing together our hope is to get more vehicles off the road. And make the writing experience as green as possible. Pyrite Galena pretty cool thank you so much.

This transcript has been automatically generated and may not be 100% accurate.

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