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Report: Lyft will price shares above targeted range

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Report: Lyft will price shares above targeted range

Lyft Inc. is planning to price its shares above the targeted range of $62 to $68 as the ride-hailing company prepares to start trading March 29, The Wall Street Journal reported, citing people familiar with the deal.

While unclear which price the San Francisco-based company will price shares March 28, it is unlikely to be as high as $80, sources told the Journal.

If the share price comes in above the targeted range, it would put Lyft's valuation at more than $23 billion on a fully diluted basis, the Journal reported.

Lyft declined to comment to S&P Global Market Intelligence.

The ride-hailing company filed its initial public offering registration with the Securities and Exchange Commission on March 1 and launched its investor roadshow the week of March 18.

On March 19, it was reported that Lyft's IPO was oversubscribed, according to Reuters. The exact level of oversubscription was not revealed, but it shows strong interest from investors, playing into a higher share price.