You can short sell but unfortunately (at least for retail, and to the extent of my knowledge) not trade options in the first week of trading for a newly listed stock. Which is a shame because I 100% would have bought puts in the first hours of trading when I saw the market price surge into the 80s. Lyft's float is pretty low volume so the surge of retail investors trying to add Lyft to their portfolios caused a mini bubble.
I'm sure you haven't looked over historical data, but if you did you'd find this to be a profitable strategy were it not for two problems: finding shares to borrow (a requirement to "short" a stock, because you borrow them and immediately sell), and if you try and fix that problem with buying put options, those won't be available for a week.
Yes, and the expected value is positive. Unfortunately for us, the banks that underwrite the IPO choose who to allocate the shares to, and they would prefer to allocate them to clients that have a history of not dumping the stock and/or lending shares out for shorts.