Lyft’s IPO already oversubscribed
Lyft's initial public offering is oversubscribed based on commitments made so far by investors, making it more likely that the ride-hailing startup will fetch or even exceed the $23 billion valuation it is seeking, people familiar with the matter said on Tuesday.
Lyft started its IPO road show on Monday and has spent the last two days meeting with investors in New York, the sources said. It has set an indicative IPO price range of $62 to $68 per share and is set to price the IPO on March 28. Lyft said on Monday it aims to raise up to $2 billion in its IPO at a fully diluted valuation of as much as $23 billion, which includes restricted stock.
Lyft is pitching investors on the simplicity of its business, while Uber is expected to play up its more diversified strategy, according to the sources.
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