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Ride-hailing company Lyft (LYFT) - Get Lyft, Inc. Class A Report  officially began trading on the Nasdaq Stock Market on Friday with the first trade at $87.24 per share, well above the initial offer price. Its successful debut bodes well for the slew of large tech IPOs, including rival Uber, that are expected to follow Lyft in the coming months. 

Lyft raised more than $2.2 billion in the offering after pricing shares at $72 on Thursday evening. At its initial trade price, the company was valued at approximately $30 billion after taking into account outstanding stock options and restricted stock units. 

Lyft shares closed trading at $78.29, up 8.74%. 

Real Money's Rev Shark has some suggestions on how to trade the sure-to-be volatile stock here

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Like many tech unicorn's with multi-billion dollar valuations, Lyft does not yet make a profit. The company reported a net loss of $911 million in 2018.

But there is intrigue as the company said that it expects to achieve eventual 20% EBITDA margins, though it did not provide a timetable for when it would be able to hit those margins. 

Lyft's debut is just one of more than 300 companies set to go public in 2019, according to data compiled by Bloomberg. Those IPOs could attract as much as $50 billion from investors around the world.

"The system will not be able to handle the flood of retail orders mixed with the colossal mutual funds who say they are owed stock because they kept Pinterest and Lyft, as well as the sub-optimal Chinese IPOs and whatever else has blown in from the window," TheStreet's founder, Jim Cramer, cautioned last week. 

"The whole market now sinks from the supply, it's the summer and we are all left with the riptide of equity that has no place in the market," he added. "That's when you have to be careful. That's when the market gets hammered."

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