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

McKinsey commences job cuts focused on non-client serving teams

McKinsey commences job cuts focused on non-client serving teams

By Nikita Chaurasia

McKinsey and Co. a consulting giant entity has decided to start cutting jobs in one of the biggest rounds of layoffs for the company. This is likely to eliminate the jobs of about 2000 employees from work. The layoffs will be focused on support st...

Fintech firm PayPal to shed around 2000 staff as global economy plummets

Fintech firm PayPal to shed around 2000 staff as global economy plummets

By Nikita Chaurasia

PayPal, the U.S.-based fintech giant, has reportedly announced that it will cut nearly 2000 jobs, approximately 7% of its workforce, as it turns the latest prominent tech company to shed staff in a bid to cut costs. The online payments provider cl...

EasyJet sees a rise in bookings as customers plan their next vacations

EasyJet sees a rise in bookings as customers plan their next vacations

By Nikita Chaurasia

British multinational low-cost airline group, EasyJet, has reported a record surge in bookings for the month of January as people prioritized their travel plans for the coming year. The news comes as airlines world over start to show signs that they&...