Lyft raises IPO price range to $70-$72 per share

 Lyft raises IPO price range to - per share

(Reuters) - Ride-hailing company Lyft Inc said on Wednesday that the price range of its initial public offering was raised between $70 and $72 per share.

At the top end of the revised range, Lyft could raise as much as $2.21 billion.

The company had previously expected the IPO of its 30.7 million shares to be priced in the range of $62 to $68 per share, Lyft said in a filing

Lyft's IPO was oversubscribed, Reuters reported last week.

The company's progress in its IPO could bode well for larger rival Uber Technologies Inc, which is planning to kick off its IPO in April, Reuters has reported. It has been valued by investment bankers at as much as $120 billion.

(Reporting by Diptendu Lahiri in Bengaluru; Editing by Anil D'Silva)

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Updated Date: Mar 28, 2019 04:05:19 IST