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Lyft, is expected to reach public markets in a historic initial public offering on Friday, has increased its stock price range. In a new filing released Wednesday afternoon, the company announced plans to charge between $ 70 and $ 72 per share.
In an amended IPO prospectus filed last week, the company announced that it would sell 30.7 million shares at prices ranging between $ 62 and $ 68 per piece. Following Wall Street's strong demand – its IPO was oversubscribed on the second day of its roadshow, "Lyft chose to ask more investors for its public markets.
If Lyft sells 30.7 million shares at $ 72 each, it will earn more than $ 2.2 billion for an initial valuation of $ 20 billion. Lyft was previously valued at $ 15.1 billion by private market investors with a $ 600 million Series I series in 2018.
Lyft plans to trade on the Nasdaq under the symbol "LYFT".
Lyft recorded order intake of $ 8.1 billion and revenues of $ 2.1 billion in 2018 on losses of $ 911.3 million. The company is rapidly reducing its losses proportionately to revenues, recording revenues of $ 343.3 million in 2016 on losses of $ 682 million.
According to S-1, Lyft's chief executive and co-founder, Logan Green, will hold 29.31% of the outstanding shares' voting rights, while co-founder and chairman John Zimmer will hold 19.45%.
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