Ride-hailing company Lyft confirmed Monday it plans to sell 30.8 million Class A shares in its initial public offering at an expected price of $62 to $68 a share.
The IPO would value Lyft at between $21 billion and $23 billion, The Wall Street Journal reported on Sunday.
Lyft will list on the Nasdaq under ticker symbol "LYFT."
Lyft beat competitor Uber in making it to public markets. The low end of the valuation range would already make a Lyft IPO one of the largest U.S.-listed new tech offerings since Alibaba Group Holding (BABA) - Get Alibaba Group Holding Limited American Depositary Shares each representing eight Report debuted in 2014, according to the Journal.
Lyft posted revenue of $2.16 billion last year, more than double the revenue it had in 2017, while active riders tripled from 2016 to 2018. However, the company's net loss widened to $911 million in 2018 from $688 million in 2017.
Demand for a Lyft IPO appears to be strong, since the low end of the valuation range would value the company far above its last private valuation off $15.1 billion in 2018, the Journal reported.
Lyft's stock market debut is expected to usher in a wave of much-anticipated public listings of massive Silicon Valley startups such as Uber, Pinterest, Slack and others, as Wall Street's appetite for fast-growing tech expands.
Lyft founder John Zimmer, who is also president of the company, and Logan Green, who is CEO, own about 7% of Lyft collectively, but will have nearly 50% voting control, the Journal said, citing sources. Their shares will have 20 votes each, instead of common shareholders' one vote per share, giving them significant sway in major decisions.
Lyft will market the offering to mutual funds and hedge funds in meetings in New York and other cities. The shares could be priced as soon as March 28.