The enthusiasm for Lyft's new, publicly traded shares faded on Monday.

The stock price of the ride-hailing service dropped nearly 12 percent, closing out the day below its initial public offering price of $72 a share last week.

The stock lost 11.85 percent, or $9.28 per share, to close out at $69.01 on Monday.

Lyft's shares traded for the first time Friday under the ticker "LYFT" on the Nasdaq index. In their market debut, shares closed at $78.29, up 8.7 percent from their offering price.

"Some stocks – and this is one of them – there's excitement right away and maybe they get bid up on the first day," said JJ Kinahan, chief market strategist at TD Ameritrade.

But over the weekend, investors took a closer look.

"This is a company that has been around. Its had some of its growth already, so you have to look going forward," Kinahan said.

Lyft's IPO was also highly anticipated as a potential bellwether for other major tech companies that are lining up to go public sometime this year, including major rival Uber, according to market analysts.

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One of Lyft's biggest investors General Motors is expected to have won big. The automaker invested $500 million in Lyft in January 2016 and holds 18.6 million Class A shares of the company.

"We haven’t had an exciting IPO in a while," Kinahan said. "The market wanted to see if there is still interest in IPOs."

In a regulatory filing Thursday, Lyft said it would raise $2.3 billion with the offering price at $72 per share. The company plans to use the proceeds for working capital, operating expenses, capital expenditures, future acquisitions and investments in new products, services or technologies.

Contributing: Janna Herron

This article originally appeared on USA TODAY: Need a Lyft? The stock price of ride-hailing company ends lower following last week's IPO