Just days before its initial public offering, shared ride-hailing app Lyft has increased its expected price range to $70 to $72 per share. This boost in price could bring the company’s valuation to almost $21bn if the IPO goes well. Previously, Lyft had predicted its stock would sell for anywhere between $62 and $68 per share.
Lyft revealed the new price range on Wednesday, when it made an amendment to its S-1 form, a financial disclosure report that must be released before a company can go public. Lyft’s stock is expected to be officially priced on Thursday night, and will be available for trading under the ticker "LYFT" on Friday morning.
Lyft apparently raised prices after potential investors expressed even more interest in the Silicon Valley start-up than anticipated. Lyft’s IPO is being closely followed by competitor Uber’s initial public offering, which is expected to launch next month.
Lyft leadership has been on a roadshow since last week, meeting with investors and businesses, but has had to work around planned protests from Lyft drivers. Both drivers and labor organizers have begun protesting and striking due to Lyft’s working conditions and pay.
Lyft has recently announced drivers will be able to buy stock in the company, which is an employee benefit that was not available a few months ago.