The ride-hailing giant is looking to raise US$2.1 billion with a price range of US$62 to US$68 per share. The company’s co-founders, Logan Green and John Zimmer, will retain control of it, despite each owning less than three per cent of Lyft.(Financial Times, New York Times)

Talking point: Lyft is relying on high ridership numbers—inflated by its current heavy discounts—to propel it to a strong valuation. Lyft is dependent on U.S. ridership numbers, but does not break out the numbers for Canada, its only other market. That’s not surprising, considering how far ahead Uber is in Canada compared to Lyft. Lyft currently has between 34 and 39 per cent of U.S. market share—well below its earlier goal of hitting 50 per cent by 2018, but up a few percentage points in recent weeks. Zimmer spun Lyft’s dearth of ancillary businesses compared to Uber as a strength in his company’s roadshow video. “We are solely focused on consumer transportation. Not food. Not trucking. We have a strong brand based on our strong values,” said Zimmer. If Lyft can hit its US$23-billion target—or the US$26 billion to US$28 billion some have said may be possible—it will bode very well for Uber to clear its US$100-billion target later this year.