Lyft shares soar 21 percent over IPO price

Lyft made its foray into the public market on Friday and debuted its shares at $87.24, a 21 percent bump from its IPO price, reports Axios.

The company originally priced its shares at $72, which was already on the higher end of its estimated range, per Fortune. Lyft was expected to raise about $2.3 billion based on its IPO.

Lyft is the first ride-sharing service to go public, beating out rival Uber, which is expected to file its own IPO in the next few months. Uber could be valued up to $120 billion and has the potential to be one of the largest IPOs in history, reports Fortune.

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Lyft's filing is the first in what is expected to be a crowded and profitable season of IPO-filing.

"It feels like it's going to be real exciting here for the next couple of months," Barrett Daniels, national IPO services leader at Deloitte, told Fortune. "It's going to be a historic year."