Lyft, which operates an on-demand ridesharing app that connects riders and drivers, raised the proposed range size for its upcoming IPO on Wednesday.
The San Francisco, CA-based company now plans to raise up to $2.2 billion by offering 30.8 million shares at a price range of $70 to $72, up from the original range of $62 to $68. At the high end of the revised range, Lyft will raise 11% more in proceeds than previously anticipated. The proposed fully diluted market cap also increased 11% to $24.3 billion.
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 still expected to price on Thursday, March 28, 2019 and begin trading the next day.
