Lyft to offer more than 30M shares

NEW YORK (AP) — Lyft kicked off the road show for its initial public offering, saying Monday it plans to put more than 30 million shares up for sale with an anticipated price of between $62 and $68 per share.

That would raise more than $2 billion for the San Francisco ride-hailing company, pegging its market value at $20 billion to $25 billion, even though it hasn’t been able to turn a profit yet.

It’s the first time that Lyft has revealed how much money it hopes to raise in the IPO, and how much it believes it’s worth. Those financial targets could still change as Lyft’s investment bankers gauge demand for the company’s stock leading up to the IPO pricing, which is expected to happen next week.

Lyft and Uber have raced to be first with an IPO, and Lyft’s rival is expected to offer shares in the coming weeks.

Uber is hoping its larger ride-hailing service will justify a market value as high as $120 billion after its IPO is completed later this spring, according to the Wall Street Journal.

Lyft released financial details about the company for the first time this month, reporting $2.2 billion in revenue last year, more than double its $1.1 billion in revenue in 2017, but also $911 million in losses. Lyft has lost nearly $3 billion since 2012, but has brought in more than $5 billion in venture capital.

The company’s executives warned that the company could struggle to turn a profit, despite a rapidly growing market share.