Chinese ride-hailing company DiDi Chuxing files for U.S. IPO

Chinese ride-hailing company DiDi Chuxing has filed confidentially with the U.S. Securities and Exchange Commission for an IPO (initial public offering) on 9 April 2021.

IPO Details: Goldman Sachs Group Inc. and Morgan Stanley will act as underwriters. DiDi Chuxing is said to be raising US$ 1.5 billion in debt financing ahead of a blockbuster U.S. IPO through a revolving loan facility.

The company could raise several billion dollars in the listing and its value is expected to shoot up to US$ 70B to US$ 100B, according to a Bloomberg report. The Softbank-backed company plans to file confidentially later this month for a July listing. Didi is also exploring a potential dual listing in Hong Kong at a later time.

DiDi was recently valued at US$ 62 billion after it raised funds in August 2020. The DiDi IPO could be one of the largest tech IPOs this year and one of the biggest Chinese IPOs in the U.S. since Alibaba in 2014. DiDi’s President Jean Liu said in a statement that the company’s core ride-hailing business is profitable, and has picked up again after the coronavirus outbreak hit China.

DiDi has opted for the New York Stock Exchange because of a more predictable listing pace, the presence of its competitors like Uber and Lyft and a deeper capital pool.

About DiDi Chuxing

Founded in 2012 by Bo Zhang and Wei Cheng, DiDi Chuxing is a mobile transportation platform that offers app-based transportation services. It offers taxi-hailing and private car-hailing options – Hitch (social ride-sharing), DiDi Chauffeur, DiDi Bus, DiDi Test Drive, DiDi Car Rental, and DiDi Enterprise Solutions.

DiDi believes that by working with communities and partners it will be able to solve transportation, environmental challenges and employment problems using big data-driven deep-learning algorithms that optimize resource allocation. The company is headquartered in Beijing and operates in China and eight overseas markets, including Australia and Japan.

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