Lyft is slated to have a blockbuster initial public offering, drawing investor attention back to the stock market, CNBC's Jim Cramer said Thursday.

Cramer said the highly anticipated IPO could open as high as $100 a share. His comments came after the ride-hailing company increased its expected offering price range to between $70 and $72 per share from between $62 and $68. The company would be valued around $20 billion in the updated pricing range.

"You know how the games play. Should we just stick with the game? Should we just admit that this thing could go up to $75, $78, and they are going to upsize the deal and it opens at $100," Cramer said on "Squawk on the Street."

Lyft is expected to price its shares Thursday and go public Friday on the Nasdaq under the ticker LYFT.

The company's expected success in its public offering will turn the spotlight back on the stock market, Cramer noted. Investors have been grappling with the yield curve inversion that occurred Friday, which sparked new recession fears as the phenomenon has been a reliable recession indicator in the past.

"This is the most important thing that's happened. This is it. If they price this deal well and it pops right, you are going to find people come back to our market. ... This will eclipse any talk about the yield curve," Cramer said.

Cramer added the start-up's prospectus for the deal "reads like a millennial prospectus," as the "holistic" and "mindful" document details how cars hurt the environment, Cramer said, even calling it "Gandhi meets Lyft."