The Chinese ride-hailing giant DiDi Global Inc is going public today on the New York Stock Exchange (NYSE), trading under ticker symbol DIDI.
With a potential market cap of over $67 billion, which could trail U.S. competitor firm Uber Technologies’ (UBER) roughly $95 billion, the company is offering its shares at $14 apiece.
Here is how you can buy shares
The stock can be found under the ticker symbol DIDI.
Please note that orders can only be placed as Limit Orders until regular trading commences after the opening auction.
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Founded by Cheng Wei in June 2012 after eight years working in Alibaba’s (BABA) sales and Alipay divisions, DiDi Dache, as it was originally known, grew its market visibility with the assistance of a $15 million investment by Chinese tech giant Tencent (NNND). During the following years, the company managed to raise funding in excess of $23 billion from the likes of Goldman Sachs (GS), JP Morgan (JPM) and SoftBank (9434), as well as a $2.5 billion syndicated loan from China Merchants Bank Co, one of the largest contributions ever from a single financier. The funding enabled DiDi to establish a presence in several cities, with 550 million users to date.
After the coronavirus pandemic delivered an initial hit to its business last year, DiDi rebounded quickly, with revenue in the first quarter of 2020 more than doubling from the year before, hitting $6.4 billion. The company also turned a profit for the three months, reporting net income of $837 million, while it posted a revenue of $21.6 billion for the full year.
DiDi plans to use the IPO funds to invest in technology, grow its presence in some international markets and introduce new products, aiming to make its debut in Western Europe this year, while it has invested heavily in so-called community buying, one of the hottest eCommerce growth areas in China.
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