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Chinese ride-hailing giant DiDi targets over $60 billion valuation in NYSE debut

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Anirban Sen and Niket Nishant, Reuters

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="https://sa.kapamilya.com/absnews/abscbnnews/media/2021/reuters/06/25/20210617-china-didichuxing-antitrust.jpg"/><figcaption>A woman rides a Didi shared bicycle past the headquarters of Didi Chuxing in Beijing, China November 20, 2020. <em>Florence Lo, Reuters/File Photo</em></figcaption></figure></div><p>DiDi Global Inc , China&#x27;s largest ride-hailing company, is aiming for a valuation of more than $60 billion in its New York Stock Exchange debut, setting it up for what is likely to be the biggest US initial public offering (IPO) this year.</p><p>It set a price range of between $13 and $14 per American Depositary Share (ADS) and said it would offer 288 million such shares in its IPO. At the upper end of the price range, DiDi expects to raise a little more than $4 billion.</p><p>Four ADSs represent one Class A ordinary share, it said in a regulatory filing on Thursday that was registered under its formal name Xiaoju Kuaizhi Inc.</p><p>The IPO will be one of the biggest share sales by any Chinese company in the United States since Alibaba raised $25 billion in 2014.</p><p>However, the terms of the offering suggest a conservative approach from DiDi, which had at one point been in talks to raise as much as $10 billion at a valuation of nearly $100 billion.</p><p>The New York listing plan comes amid a sweeping regulatory crackdown on China&#x27;s biggest tech &quot;platform&quot; companies, including Alibaba and Tencent.</p><p>Earlier this month, Reuters reported that China&#x27;s market regulator has begun an antitrust probe into DiDi.</p><p>The company is backed by Asia&#x27;s largest technology investment firms including SoftBank Group Corp, Alibaba Group Holdings and Tencent Holdings.</p><p>Before settling for a New York float, DiDi had considered Hong Kong as a potential listing venue for a multi-billion dollar IPO in 2021.</p><p>Excluding China, DiDi, the world&#x27;s largest mobility-technology platform, operates in 15 countries and has more than 493 million annual active users globally.</p><p>It counts as its core business a mobile app used to hail taxis, privately owned cars, car-pool options and even buses in some cities.</p><p>It became the top online ride-hailing business in China after market-share battles with Alibaba-backed Kuaidi and Silicon Valley-based Uber&#x27;s China unit, both of which were merged with DiDi when investors sought profit from the money-losing businesses.</p><p>In 2016, Uber Technologies Inc sold its operation to DiDi for a 17.5 percent stake in the Chinese firm, which also made a $1 billion investment in Uber. The US firm now owns 12.8 percent stake in DiDi, according to the IPO filings.</p><p>In addition to ride-sharing, DiDi operates different businesses around mobility, including electric vehicle charging networks, fleet management, car making and autonomous driving.</p><p>Goldman Sachs (Asia), Morgan Stanley and J.P. Morgan are the lead underwriters.</p><p>DiDi added more than a dozen new ones on Thursday, including BofA Securities, Barclays, China Renaissance, Citigroup, HSBC and UBS Investment Bank.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/video/business/12/19/19/demand-for-ride-hailing-services-peaks-in-run-up-to-holidays">Demand for ride-hailing services peaks in run-up to holidays</a></li>	<li><a href="https://news.abs-cbn.com/business/12/05/19/ride-hailing-app-arcade-city-to-reenter-philippines">Ride-hailing app Arcade City to reenter Philippines</a></li></ul><div><strong>RELATED VIDEO:</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=1713655" width="100%"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div>

<p>It set a price range of between $13 and $14 per American Depositary Share (ADS) and said it would offer 288 million such shares in its IPO. At the upper end of the price range, DiDi expects to raise a little more than $4 billion.</p>

It set a price range of between $13 and $14 per American Depositary Share (ADS) and said it would offer 288 million such shares in its IPO. At the upper end of the price range, DiDi expects to raise a little more than $4 billion.

Chinese ride-hailing giant DiDi targets over $60 billion valuation in NYSE debut

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Chinese ride-hailing giant DiDi targets over $60 billion valuation in NYSE debut

Anirban Sen and Niket Nishant,

Reuters

Published Jun 25, 2021 08:22 AM PHT

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