Lyft sets IPO price range between $62 and $68 a share

Lyft predicted investors would buy the stock for between $62 and $68 a share. The ride-sharing company expects to raise as much as $2.1 billion through the sale of stock.

The company won't sell all of its shares to the public through the offering. Lyft's co-founders — CEO Logan Green and president John Zimmer — will hold just less than half the votes among shareholders. But they'll be given a special issue of stock that grants them 20 votes for each of their shares.

Revenue for Lyft has been growing rapidly, rising 528% between 2016 and 2018. But losses have been climbing as well, reaching $911.3 million in 2018. Lyft needs the cash that the IPO will generate, because the company's cash and cash equivalents fell 53% to just $518 million during the course of 2018.

Its competitor Uber expects to go public later this year, but it has not given the same amount of detail about its sales plans.

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