DiDi, the Chinese ride-hailing giant, has named a target of over $60 billion for its coming debut on the New York Stock Exchange, a report from Reuters says.
It will probably be the biggest U.S. IPO this year, and represents the biggest public offering from a Chinese company in the U.S. since Alibaba went public.
The terms of the offering do suggest a more restrained approach from DiDi than expected. At one time the ride-hailing company was expected to put together $10 billion with a valuation of almost $100 billion.
The news also comes as there has been a broad regulatory crackdown on some of the biggest tech companies in China, which included an antitrust probe into DiDi.
DiDi previously considered debuting on the Hong Kong listing, for a multi-billion dollar IPO. But it ended up going with New York in the end.
The company has set a price range of $13 to $14 per American Depositary Share (ADS), and it will offer 288 million shares in the IPO, expecting to raise a bit more than $4 billion.
According to the report, four ADSs represent one class A ordinary share.
DiDi operates in 15 countries aside from China and has over 493 million annual users across the globe. The company’s core business is a mobile app used to flag down taxis, privately-owned cars and carpool options. The company ended up buying out Uber’s China unit in exchange for the U.S.-based ride-hailing company getting a 17.5 percent stake in DiDi.
DiDi also runs other businesses including electric vehicle charging, fleet management, financial services and autonomous driving.
PYMNTS wrote earlier this year that DiDi’s filing represented something of a return from the worst slowdowns from the pandemic. For the whole year of 2020, reports showed the company made around 141.7 billion yuan in sales, which came out to an 8.5 percent decrease from the previous year.
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