Chinese ride-hailing company Didi raises $4.4 billion in US IPO
By Shubhangi on Jun 30, 2021 | 02:30 AM IST
Didi Global
Inc, the Chinese ride hailing company, raised $4.4 billion in its US IPO
selling more shares than planned, the company said.
The company
had planned on selling 288 American Depository Shares (ADS), but sold 316.8
million, at $14 apiece.
Didi now
has a valuation of about $73 billion on fully diluted basis and $67.5 billion
on a non-diluted basis.
As the IPO
was oversubscribed multiple times, the number of shares to be sold was
increased, reported Reuters. Didi is expected to debut on the New York Stock
Exchange on June 30.
The listing
of Didi is the biggest US share sales by a Chinese company since Alibaba and
comes at a time when US stock market is volatile and has record IPO activity.
"The volatile IPO environment helped to lower (Didi)
IPO price and valuation looks attractive," said Douglas Kim, a
London-based independent analyst, who writes on Smartkarma.
(With
inputs from Reuters)
Picture
Credits: Reuters