Lyft raised its IPO price range to between $70 and $72 per share, meaning the ride-hailing company is now targeting a valuation of up to $24.3 billion. The increased range, from $62-$68 previously, is the result of investors worrying about missing out on the biggest U.S. IPO since Snap Inc in 2017.
Lyft’s IPO was oversubscribed just two days into its investor roadshow, Reuters reported last week.
At the upper end of the new range, Lyft would have a market capitalization of $20.45 billion, a little larger than Snap Inc when it went public in 2017. At this size, it would be the biggest U.S. IPO since Chinese e-commerce Alibaba Group Holding Ltd in 2014.
