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Deepti Sri · · 1 min readSources: Chinese ride-hailing giant Didi raises $4.4b in its US listing
“Chinese ride-hailing company Didi Global raised US$4.4 billion in its US IPO on Tuesday, pricing it at the top of its indicated range and increasing the number of shares sold,” Reuters reported, citing two sources familiar with the matter.
Details:
- The fresh fundraise could potentially bump up the valuation of the company to US$73 billion on a fully diluted basis. On a non-diluted basis, Didi would be worth US$67.5 billion.
- The company sold 317 million American Depository Shares, compared with the planned 288 million, at US$14 per share. According to one of the sources, the increase in deal size came after the Didi investor order book was oversubscribed multiple times.
Context:
- In May, Didi executives reportedly told investors that its grocery delivery service, Chengxin Youxuan, may hold a US listing between next year and 2023.
- Discussions about the potential spinoff and IPO come after Didi raised new funding for Chengxin Youxuan, which included a US$1.2 billion commitment from existing backers CITIC Private Equity and angel investor Wang Gang.
Editing by Collin Furtado and Jaclyn Tiu
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