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Chinese Ride-Hailing Giant ‘Didi’ Files For U.S. Listing In Hot IPO Market

The Chinese ride-hailing company Didi has filed to go public in the U.S. on Thursday, in what might be one of the biggest IPO of the year. This move comes amid increasing demand for travel and ride-hailing services as vaccine rollouts spur reopening optimism.

The Softbank and Uber-backed company has therefore accelerated its listing plan, hoping to receive similar enthusiasm Asian tech debuts Coupang (NYSE: CPNG) and Kaishou (HKSE: 1024) experienced. Current valuation estimates range from $70 billion to $100 billion.

Founded in 2012 by former Alibaba Group staffer Cheng Wei, Didi accumulated 493 million customers annually, as well as 15 million active drivers, making it the largest ride-hailer in China.

The company stated that new capital is planned to be used for the expansion into online commerce, autonomous driving and boost into Europe.

Didi plans to list on the Nasdaq under the ticker ‘DIDI’. Underwriters are Goldman Sachs, Morgan Stanley and JP Morgan Chase.


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