Lyft and its bankers—led by J.P Morgan—pulled off a solid public market debut Friday. By the end of trading, the company was worth $22.8 billion, up 8.7% from its IPO price and 52% above its last private market valuation. That’s bigger than Expedia and United Airlines.
But what will it be worth when early investors and employees can sell their shares in September? Or when investors can own its larger rival Uber (albeit at a higher price) later this year?