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Chinese ride-hailing giant Didi unveils U.S. IPO

06/11/2021 | 02:55am

China's own Uber, the ride-hailing giant Didi, unveiled its highly anticipated IPO filing in the U.S. on Thursday.

It's expected to be the biggest stock market debut of the year.

Didi, China's biggest ride-hailing firm, is backed by Asian tech giants SoftBank, Alibaba and Tencent.

Sources familiar with the matter previously told Reuters Didi could seek a valuation of close to $100 billion.

That would make it the biggest Chinese share offering in the U.S. since Alibaba went public in 2014.

Didi's filing reveals it bounced back strongly this year, more than doubling its first-quarter revenue from last year.

Didi's CEO Cheng Wei said last year the firm aims to have 800 million monthly active users globally by 2022.

Its mega IPO further highlights the lucrative business opportunities Asian tech titans present for Wall Street's big banks.

Earlier this year, Singapore's biggest ride-hailing firm Grab struck a $40 billion deal to go public in the U.S.

Last year, Chinese companies raised $12 billion from U.S. listings, more than triple the amount in 2019, according to Refinitiv data.

Sources say Didi plans to go public next month.

© Reuters 2021
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