Lyft hikes IPO target to USD 70-USD 72 a share as excitement rises

Lyft is lifting the price target for its initial public offering in a sign of the excitement surrounding the stock market debut of a ride-hailing service that’s gaining ground on its rival Uber.

With the revision disclosed Wednesday, Lyft is now seeking USD 70 to USD 72 per share, up from its previous goal of USD 62 to USD 68. If it attains its new pricing goal, Lyft will have a market value of about USD 24 billion, even though the San Francisco company still hasn’t turned a profit since co-founders Logan Green and John Zimmer started the service in 2012.