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Lyft heads for initial public offering

SAN FRANCISCO (AP) — Lyft is readying for an initial public offering of shares as it pushes toward becoming a publicly traded company.

The San Francisco ride-sharing service said Thursday that it confidentially submitted a draft registration statement for the proposed IPO with the Securities and Exchange Commission.

The number of shares to be offered and the price range for the proposed offering have not yet been determined. The company was valued at just over $15 billion earlier this year.

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