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Lyft's initial public offering is oversubscribed due to investor demand two days after the start of its roadshow, according to people familiar with the subject.
The strong interest in this listing could lead the US brokerage to raise its prices, ranging from $ 62 to $ 68, as suggested by a regulatory filing amended Monday. This could enable it to raise more than the $ 2.1 billion it was targeting and increase its valuation beyond the $ 23 billion earmarked by the upper end of the indicated range.
Lyft refused to comment. The news was first reported by Reuters.
Large IPOs are often oversubscribed as institutional investors may demand more shares than they ultimately expect. Bankers and investors say there is an accumulated demand to buy shares in high-tech technology companies, which have remained private much longer than previous generations.
The Lyft IPO is expected to be the largest introduction of a US technology company for several years, followed by other well-known names in Silicon Valley, including Uber, Pinterest and Airbnb.
Lyft began his tour of presentation in New York on Monday and will travel to other cities, including Boston, Baltimore and San Francisco, in the next 10 days to appeal to investors. The shares should be listed on March 28 and start trading on the Nasdaq the next day.
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