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Report: Lyft's IPO oversubscribed

Ride-hailing company Lyft Inc.'s IPO has so far received a stronger-than-expected response from investors, Reuters reported March 19, citing anonymous sources.

The news outlet said the IPO is oversubscribed, but it could not learn the exact level of oversubscription.

Lyft said March 18 that it plans to offer 30,770,000 shares of its class A common stock at a range between $62 and $68 per share as it launched the roadshow for its proposed IPO.

The price range values the company between $21 billion and $23 billion.

Lyft did not immediately respond to S&P Global Market Intelligence's request for comment.