Lyft raises price target as investors fear missing out on biggest IPO in years
- 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.
Counting for things like restricted stock options, Lyft’s valuation would be as high as $24.3 billion. Lyft was valued at $15 billion in final private fundraising round in 2018.The increased price range signals a healthy appetite for new stocks after jeans maker Levi Strauss & Co last week priced its targeted range and popped on its market debut.
This all bodes well for the likes of Uber Technologies and Pinterest Inc, which are also planning to go public in 2019 but like Lyft have yet to turn a profit.
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