Chinese Ride-hailing Giant Gears Up for Public Offering
Didi, China’s leading ridesharing platform, has emerged as a dominant player in the country’s ridesharing industry, overshadowing competitors like Uber. The company’s remarkable success has attracted significant attention from Chinese regulators, signaling its substantial impact on the market. However, despite its achievements, Didi has yet to venture into the public market.
After long-standing speculation, Didi has officially initiated the process for its Initial Public Offering (IPO). According to reports from the Wall Street Journal, the company has priced its initial shares at $14 each, valuing the company at $67 billion. If the IPO progresses as anticipated, Didi could set a new record for the largest Chinese IPO on Wall Street, surpassing Alibaba’s historic $25 billion offering in 2014.
Despite regulatory scrutiny, Didi has managed to uphold a positive public image and has garnered support from influential companies such as Apple and Alibaba.
Chinese ride-hailing giant Didi Global is set to start trading Wednesday on the New York Stock Exchange in one of the most anticipated IPOs of the year, explains @davidhodari #WSJWhatsNow pic.twitter.com/7h1VzES9PY
— The Wall Street Journal (@WSJ) June 30, 2021
“We aspire to become a truly global technology company,” stated Will Wei Cheng and Jean Qing Liu, Didi’s CEO and president, in a letter to investors.
“Didi is a remarkable, founder-led industry innovator,” stated Jim Breyer, CEO of Breyer Capital. “I have closely observed their leadership since my initial investment and am excited about their future growth prospects.”
Didi’s allocation of funds from the IPO is set to prioritize expanding its presence beyond China, investing in emerging transportation technologies such as electric and autonomous vehicles, as well as exploring new services and further investments.
