Chinese ride-hailing company DiDi worth $68 billion after U.S. debut

DiDi Global shares ended their first day of U.S. trading slightly over their initial public offering price, valuing the ride-hailing giant at over 68 billion dollars in the biggest U.S. listing by a Chinese company since 2014.

SoftBank-backed DiDi’s stock opened at 16.65, significantly higher than its 14-dollar IPO price. The shares slid in the early afternoon after reaching an 18-dollar high and closed at 14.14.

DiDi had priced an upsized offering of 316.8 million American depositary shares at the upper end of its 13 to 14-dollar range, raising 4.4 billion dollars.

The Beijing-based company will be added to FTSE Russell’s global equity indexes on July 8, according to the index publisher.

DiDi, also backed by technology giants Alibaba, Tencent and Uber, was founded in 2012 as Didi Dache, a taxi-hailing app. It merged with Kuaidi Dache to become Didi Kuaidi and was recently renamed DiDi Global.

Source: https://news.cgtn.com/news/2021-07-01/Chinese-ride-hailing-company-DiDi-worth-68-billion-after-U-S-debut-11xvs0WXYZ2/index.html

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