SAN FRANCISCO (BLOOMBERG) - Lyft Inc is set to detail its plans to raise as much as US$2 billion (S$2.71 billion) in an initial public offering as soon as Monday (March 18), according to people familiar with the matter.

The No 2 US ride-hailing company could spell out the price range and number of shares it plans to market in an updated regulatory filing, said the people, who asked not to be identified as the details aren't public. It would then be able to start marketing the stock on a roadshow, which usually sees management travel to several cities including San Francisco and New York to pitch to potential public market investors.

Lyft is aiming for a market valuation of US$20 billion to US$25 billion, the people said. No final decisions have been made and the timing and details of any filing may change.

Reuters first reported that Lyft may seek to raise as much as US$2 billion.

At the targeted valuation, the San Francisco-based company's offering will be the biggest from a technology upstart since Snap Inc went public two years ago, and the largest so far this year after the partial US government shutdown put a damper on first-quarter listings.