Ride-hailing giant Didi targeting USD 60 billion valuation in U.S. IPO
Category: #headlines  By Nikita Chaurasia  Date: 2021-06-26
  • shareshare_icon
  • Twitter
  • Facebook
  • LinkedIn

Ride-hailing giant Didi targeting USD 60 billion valuation in U.S. IPO

China-based vehicle for hire company, Didi Chuxing Technology Co., is reportedly planning to list 288 million American Depository Shares on the New York Stock Exchange under the ticker symbol ‘DIDI’.

The shares are equivalent to 72 million Class A common stock shares and will be priced at USD 13-14 apiece, bringing the company’s valuation to over USD 60 billion.

According to an updated F-1 Prospectus filed with the SEC (Securities Exchange Commission), the company expects to raise over USD 4 billion at the higher end of its price range, in an IPO that could be labeled as one of the largest during the year.

Didi’s initial public offering will be underwritten by multinational investment banks Morgan Stanley, Goldman Sachs, and J.P. Morgan, cited sources close to the matter.

The company’s revenues had stood at USD 21.6 billion during the past year, with a posted net income of USD 837 million in the previous quarter, based on USD 6.4 billion in revenues. Additionally, the quarterly comprehensive net income was shown to be a whopping USD 95 million.

It is also worth noting here China’s market regulator, State Administration for Market Regulation is currently investigating whether the Beijing-based ride-hailing platform has been using any unfair competitive practices to ostracize smaller rivals in the industry.

This inquest is the latest crackdown on China’s so-called ‘platform’ companies, including Tencent and Alibaba Group.

Didi is one of the five largest privately held start-ups in the world, with Uber, SoftBank, and Tencent as major stakeholders. The company also ranked No. 5 on CNBC’s Disruptor 50 list this year.

Meanwhile, Didi's rival, Full Truck Alliance Co.'s shares were trading at 5.2% lower on the second day, after a remarkable performance on the first day of the initial public offering on the U.S. stock exchange. 

Source Links –

https://www.cnbc.com/2021/06/24/didi-aims-for-60-billion-valuation-in-ipo-on-nyse.html

 

 

  • shareshare_icon
  • Twitter
  • Facebook
  • LinkedIn


About Author

Nikita Chaurasia     twitter

Nikita Chaurasia

Having always been daft at wordplay, Nikita Chaurasia, post the completion of post-graduation, commenced her journey into the content generation cosmos. Endowed with a professional MBA degree in Advertising and Public Relations, Nikita strives to integrate her creativ...

Read More..

More News By Nikita Chaurasia

Moderna failed to meet FDA’s requirements for COVID-19 booster vaccines

Moderna failed to meet FDA’s requirements for COVID-19 booster vaccines

By Nikita Chaurasia

Scientists from the U.S. Food and Drug Administration (FDA) claimed that Moderna did not meet all the requirements to support the use of COVID-19 booster shots. This is because the first two shots already showed a strong efficacy rate. Documents rel...

Canada’s healthcare sector likely to brace for looming staff shortages

Canada’s healthcare sector likely to brace for looming staff shortages

By Nikita Chaurasia

According to reliable sources, Canada’s overworked healthcare sector is now bracing for upcoming staff shortages and potential layoffs, as the country accelerates its vaccination drive before the deadline. The development comes at a time when l...

Rocket Lab, Kineis sign multi-launch contract for IoT constellation

Rocket Lab, Kineis sign multi-launch contract for IoT constellation

By Nikita Chaurasia

The space industry is booming as new companies with fresh ideas for space-based applications take advantage of declining launch and satellite costs. Out of those firms, Rocket Lab USA bagged a contract to launch 25 satellites on five missions exclusi...