Investing.com - Lyft raised the price range for its initial public offering ahead of its planned trading debut on Friday.
Lyft (NASDAQ:LYFT) raised its IPO price range to between $70 and $72 per share, meaning the ride-hailing company is now targeting a valuation of up to $24.3 billion.
The increased range, from $62-$68 previously, is the result of investors worrying about missing out on the biggest U.S. IPO since Snap in 2017.
It also indicates many investors are willing to overlook uncertainty over Lyft's path to profitability and its strategy for autonomous driving, for fear of missing out on such a high-profile technology IPO.
That should bode well for the likes of Uber and Pinterest, which are also planning to go public in 2019 but like Lyft have yet to turn a profit.
Lyft posted a loss of $911 million in 2018 versus $688 million in 2017. Revenue for 2018 was $2.16 billion, double the previous year's and far higher than $343 million in 2016.
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-- Reuters contributed to this report