Chinese ride-hail giant Didi files for IPO

Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what’s new and why it matters in just 5 minutes.

Catch up on the day’s biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Get the inside stories

Get an insider’s guide to the new White House with Axios Sneak Peek. Sign up for free.

Axios on your phone

Get breaking news and scoops on the go with the Axios app.

Download for free.

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Illustration: Aïda Amer/Axios

Chinese ride-hail company Didi filed for an initial public offering on Thursday.

Why it matters: Didi is not only known as the Uber of China, but actually beat Uber in the country and bought out its business there.

  • Uber currently has a 12.8% stake in Didi, making it the company’s second-largest outside shareholder.
  • Other major backers include SoftBank (21.5%) and Tencent (6.8%).

Financials: Didi reports a $1.7 billion loss on $21.6 billion in revenue for 2020, and most recently was valued by venture capitalists at $62 billion. It is certain to seek a much higher price in its IPO.

  • Around 1.6% of the company’s revenue comes from international operations, as Didi has expanded to countries like Russia and South Africa.
  • The company plans to list on either the New York Stock Exchange or Nasdaq under ticker symbol “DIDI.” Lead bankers are Goldman Sachs (Asia), Morgan Stanley and J.P. Morgan.
  • The filing does not disclose how much money Didi plans to raise via the IPO, instead just listing a “$100 million” placeholder.

Read More

Written by 

Leave a Reply

Your email address will not be published. Required fields are marked *