(Reuters) – Lyft Inc on Wednesday raised the price range for its initial public offering, as investors looked past the ride-hailing startup’s mounting losses to the company’s growing market share against larger rival Uber Technologies Inc.
FILE PHOTO: The Lyft logo is seen on ride-hailing car in Manhattan in New York City, New York, U.S., March 4, 2019. REUTERS/Mike Segar/File Photo
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