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June 30 (Reuters) – Shares of Chinese rideshare giant Didi Global Inc (DIDI.N) were expected to open more than 14% more when they debuted on the New York Stock Exchange on Wednesday, valuing the SoftBank-backed company (9984. T) to over $ 77 billion.
At 11:25 a.m. ET, Didi shares were expected to open between $ 15.5 and $ 16, compared to the initial public offering price of $ 14 per share.
Didi valued a grossed-up offer of 316.8 million U.S. depository shares at the high end of its $ 13- $ 14 range, raising $ 4.4 billion. Read more
Its New York listing will be the biggest sale of U.S. stocks by a Chinese company since Alibaba raised $ 25 billion in 2014.
The biggest Chinese list in the United States so far this year was Full Truck Alliance (YMM.N), often referred to as “Uber for Trucks,” which raised $ 1.6 billion.
Didi, which is also backed by tech investment giants Alibaba (9988.HK), Tencent (0700.HK) and Uber (UBER.N), was founded in 2012 by Cheng Wei under the name Didi Dache, a taxi app. He merged with his counterpart Kuaidi Dache and became Didi Kuaidi, later renamed Didi Chuxing.
Didi, the world’s largest mobility technology platform, bought the Chinese operations of rival Uber in 2016 and the San Francisco-based company now owns 12%.
In 2018, Didi announced it would invest $ 1 billion in its auto services business, as part of a larger rebranding. It has also invested heavily to expand its main activity outside its domestic market, either by investing money in local partners or by launching their services.
It currently operates in 4,000 sites in 16 countries and has more than 490 million annual active users, according to a recent regulatory filing.
Didi’s listing also makes it the latest Chinese company to tap U.S. capital markets even as tensions between Washington and Beijing continue.
Report by Noor Zainab Hussain in Bengaluru; Editing by Arun Koyyur
Our Standards: Thomson Reuters Trust Principles.
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