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Update: Lyft seeks up to $68 per share from IPO

Ride-hailing service provider Lyft Inc. 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.

The company plans to grant underwriters an option to purchase an additional 4,615,500 shares.

Lyft plans to start trading on the Nasdaq Global Select Market under the LYFT ticker. It could launch the IPO by March 29, The Wall Street Journal reported March 17, citing sources.

Founders John Zimmer and Logan Green own about 7% of the startup, but will hold 50% of voting rights, the report added. A group of investors has called on Lyft to scrap its proposed dual class-share structure, which concentrates voting power with Green and Zimmer, who are president and CEO, respectively, the Financial Times (London) reported. The structure limits investors' ability "to influence the outcome of important transactions, including a change in control," according to Lyft's prospectus.

The San Francisco-based company said its revenue for 2018 was $2.2 billion, up from $1.1 billion in 2017.

In December 2018, both Lyft and rival Uber filed confidential draft registration statements with the SEC. Uber is reportedly planning to start its initial public offering in April. According to previous research, Uber could have a $120 billion valuation.

Underwriters for Lyft's IPO are J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, Jefferies LLC, UBS Securities LLC, Stifel Nicolaus & Co. Inc, RBC Capital Markets LLC and KeyBanc Capital Markets Inc.