Didi Global has reportedly priced its shares at or above the top of its marketed range of $13-$14. With 288 million shares on offer, the company is expected to raise at least $4B at a $67B valuation, giving it the second-largest U.S. debut for a Chinese company. Trading will start today on the NYSE under the ticker symbol DIDI.
- The current record is held by Alibaba, which raised $25B in 2014.
- The new valuation is well below the $100B at which private investors priced Didi just a few months ago. Didi has raised $351M to date.
- Didi currently faces an antitrust probe from the Chinese government, which has so far targeted 34 tech companies whose "excesses" it said need to be corrected. China in May ordered Didi and other ride-hailing companies to halt price hikes and practices it deemed unfair to drivers.
- The company reported Q1’21 revenue of $6.4B, more than double the equivalent period a year earlier. It also turned a profit for those three months with a net income of $83M. It posted a $1.6B loss in 2020 on sales of $21.6B.