Lyft Inc. raised the price range of its initial public offering set for Thursday, adding to what is set to be the biggest listing of the year so far.
The second-largest ride-hailing company in the U.S. is aiming to sell 31 million shares at $70 to $72 each to raise as much as $2.2 billion, according to a filing Wednesday. Lyft had been marketing the shares at $62 to $68 apiece. Strong demand for the Lyft shares indicates a rebound in U.S. listings after a dismal start to the year, and may also signal that expected offerings by tech companies including Uber Technologies Inc. will be well received by investors.
At $72 a share, Lyft would be valued in its IPO at about $24.7 billion, including restricted shares and so-called greenshoe shares that could be issued later by the underwriters.
