Tuesday Jun 29 2021 13:11
1 min
Didi Global, China’s rival to Uber, is looking to raise $4 billion in what could be one of the biggest IPOs in years. Books were covered on the first day of the build, meaning the company comes with an estimated valuation of $62 billion to $67 billion. That would place its market capitalisation some way behind Uber’s $95bn but well ahead of rival Lyft’s roughly $19bn valuation.
The company is offering 288 million American depositary receipts (ADRs) at $13 to $14 each, with a midpoint implying it would raise $3.9bn, making the second-biggest IPO this year behind Coupang Inc. Pricing is due to be finalised Tuesday/Wednesday this week with the stock beginning trade on Jun 30th. The company will list on the New York Stock Exchange under the ticker symbol DIDI.
Didi boasted in SEC filing that it operates in 16 countries and revenues of $6.4 billion for the three months ended March 31, 2021, with net income turning positive at $800m. Rather like Uber and Lyft it has not been profitable before then, racking up $1bn+ losses in each of the last three years.
Uber sold its China business to Didi in 2017 for $7bn and retains a 12% stake in the company after the IPO. The largest shareholder is SoftBank Group, which owns 21.5% ahead of the IPO.
Latest
View all
Sunday, 27 April 2025
6 min
Sunday, 27 April 2025
5 min
Sunday, 27 April 2025
5 min
EN
