- Lyft raised its expected IPO price range to $US70 to $US72 per share just days ahead of its expected market debut.
- This brings the company’s potential valuation as high as roughly $US21 billion.
- The company disclosed the new price range, up from the $US62 to $US68 range it previously disclosed, in an amendment to its S-1 registration form on Wednesday afternoon.
- The ride-hailing company is expected to price its IPO officially on Thursday night and is expected to start trading on the Nasdaq on Friday morning.
Lyft raised the price range for its imminent initial public offering to $US70 to $US72 per share on Wednesday after reports of greater-than-expected investor demand for what would be the first ride-hailing business to list on the public markets.
The increased price range means the company could raise roughly $US2.5 billion in capital and make its Wall Street debut with a valuation of nearly $US21 billion, should it price at the high end.
The company disclosed the new price range, up from the $US62 to $US68 range it previously disclosed, in an amendment to its S-1 registration form on Wednesday afternoon. The high end of that range would give Lyft a market capitalisation of about $US20.8 billion.
Lyft is expected to officially price its IPO on Thursday night and is expected to start trading on the Nasdaq on Friday morning under the ticker symbol “LYFT.”
The IPO is being closely watched as test of Wall Street’s appetite for a new crop of fast-growing, but money-losing, sharing-economy businesses. Uber, the world’s largest ride-hailing company, is expected to list shares in an IPO in the months after Lyft’s offering.
Lyft has been on the road since last week making its pitch to potential investors.
The Lyft team started out on the East Coast before pitching investors in San Francisco on Monday. The location of the San Francisco meeting moved last minute amid planned protests from drivers and labour organisers upset about the company’s pay practices.
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