Lyft, which operates an on-demand ridesharing app that connects riders and drivers, announced terms for its IPO on Monday.
The San Francisco, CA-based company plans to raise $2.0 billion by offering 30.8 million shares at a price range of $62 to $68. At the midpoint of the proposed range, Lyft would command a fully diluted market value of $21.9 billion.
Lyft will be the largest IPO of a US tech company, or any US company, since Snap in March 2017, both by deal size and market cap.
Lyft was founded in 2012 and booked $2.2 billion in sales for the 12 months ended December 31, 2018. It plans to list on the Nasdaq under the symbol LYFT. J.P. Morgan, Credit Suisse, Jefferies, UBS Investment Bank, Stifel, RBC Capital Markets and KeyBanc Capital Markets are the joint bookrunners on the deal. It is expected to price during the week of March 25, 2019.
