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Ride-hailing company Lyft plans to price shares of its initial public offering above the targeted range, The Wall Street Journal reported.  

The company will price its initial public offering above the previously announced target range between $62 and $68 per share. The Journal's sources said the company could debut as high as $80 per share. That number would give Lyft a valuation of more than $23 billion on a fully diluted basis. 

Lyft's IPO is expected to price Thursday with the stock set to open for trading Friday on the Nasdaq Stock Market.

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Lyft, which will be listed under the ticker symbol "LYFT," is looking to come to the public market ahead of rival Uber Technologies, which on Tuesday made a $3.1 billion acquisition of middle-eastern rival Careem

"This is an important moment for Uber as we continue to expand the strength of our platform around the world," said CEO Dara Khosrowshahi. "With a proven ability to develop innovative local solutions, Careem has played a key role in shaping the future of urban mobility across the Middle East, becoming one of the most successful startups in the region."

Uber is considered to be the world's most valuable private company, with a valuation estimated to be more than $120 billion. 

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