Ride-hailing startup Lyft hopes to raise up to $2.1 billion in its IPO as it launches a roadshow to drum up investor support.
Starting this week, the company will begin meeting directly with large investment funds to answer questions and ease concerns that the company is bleeding massive amounts of red ink, even as ridership increases.
According to its filings with the U.S. Securities and Exchange Commission, the company had revenues of $2.2 billion in 2018, up from $1.05 billion in 2017. But losses also grew sharply to $911 million in 2018, from $688 million in 2017.
The company says in the latest IPO update that it hopes to sell 30.8 million shares of its stock at a price ranging from $62 to $68 per share. Of course, that price could adjust up or down depending on investor reaction this week.
Lyft is expected to set an exact date after its roadshow. This will be one of the largest tech IPOs since Snap’s debut two years ago, when it raised $3.4 billion and received a valuation of $28 billion after the first day of trading.