Exclusive: Lyft’s IPO already oversubscribed – sources

Exclusive: Lyfts IPO already oversubscribed - sources

NEW YORK (Reuters) – Lyft Inc’s initial public offering (IPO) 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.

The exact level of oversubscription could not be learned. The sources cautioned that the IPO price is still uncertain and asked not to be identified because the matter is confidential.

Lyft declined to comment.

(Reporting by Joshua Franklin in New York; Editing by Phil Berlowitz)

This story has not been edited by Firstpost staff and is generated by auto-feed.

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Updated Date: Mar 20, 2019 02:05:21 IST

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