Lyft expects to raise as much as $2 bn in IPO

NEW YORK: Ride-hailing platform Lyft Inc said on Monday it would raise as much as $2 billion in its much-awaited initial public offering.

Lyft expects to price 30.77 million shares between $62 and $68 per share, it said in a filing .

At the higher end of the range, the company will have a market valuation of $19.64 billion. The San Francisco, California-based company was seeking a valuation above $20 billion, Reuters reported on Sunday, citing people familiar with the matter.

Lyft’s Chief Executive Logan Green and Vice President John Zimmer together will hold 48.8 per cent of voting power after the offering.

The company expects to list on the Nasdaq under the symbol “LYFT”. — Reuters