Depends how you trade. I try to find the lowest price point and get in. A couple of good examples are Netflix and Facebook.
So is it safe to say that you are currently long LYFT? That thing sank like a rock on IPO day and thereafter. I am trying to do a study on 1st and 2nd day IPO failures and the predictive value of returns a month or two later. Do you believe in the ability of underwriters to stabilize IPO prices? LYFT looks to have stabilized at $56, I don't know if the underwriters played a role in that or not. There is already data available on the predictive value of 1st Day IPO Returns:
I use stricly techincals for buying. Personally if you want to know what the lowest price would be I would look at previous ipos that start around $80 and see how low they went before rocketing. Try see if there is a trend.
Imo it's going to similar to when Facebook ipo. It was hyped up also and I believe it started around $45 and went as low as $15 months later then jumped to $100. So Lyft could go as low as $27 based on that math. Personally it's still early to make a decision for me anyway.