Uber rival and Chinese ride-hailing giant Didi files for IPO, says New York Post

From New York Post:

Didi Chuxing, China’s biggest ride-hailing firm, on Thursday made public its filing for a US stock market listing, setting the stage for what is expected to be the world’s biggest initial public offering this year.

The company – backed by Asia’s largest technology investment firms, SoftBank, Alibaba and Tencent – did not reveal the size of the offering, but sources familiar with the matter had previously told Reuters that the ride-hailing giant could raise around $10 billion and seek a valuation of close to $100 billion.

At that valuation, Didi’s stock market flotation would be the biggest Chinese share offering in the United States, since Alibaba raised $25 billion in its blockbuster IPO in 2014.

In its filing on Thursday, Didi revealed slower revenue growth in 2020 due to the impact of the COVID-19 pandemic, which grounded the global ride-hailing industry to a halt as lockdowns were enforced all over the globe.

Continue reading Uber rival and Chinese ride-hailing giant Didi files for IPO on New York Post

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