This mostly just means that Lyft did a good job in pricing their IPO to get the most money they could from it.
I’m getting a destinct “this is good for bitcoin” feel about how people react to post IPO movements.
So going on from here, if they are above IPO is that good, or is it good if they are below IPO?
It's usually seen as unsuccessful and a bad-news story when a stock falls below its IPO price. Even though Lyft might have taken the max from investors, it will diminish its ability to raise further equity and its bankers will lose the trust of the IPO investors.
... and since Lyft is far from being cash-flow positive, it wouldn't surprise me much if they were looking for new money in 1 to 2 years.
So if this turns out to not just be the market being volatile, but a serious trend, this can hurt them quite a bit.
Existing shareholders know there is no evidence from the existing business to indicate a future cash flow that could net-present-value justify the IPO price, so that “believers” in future Lyft growth are just factually wrong, pending some currently unknowable drastic change to operating practices to change profitability.