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Chinese ride-hailing giant DiDi Global sets terms for $3.9 billion US IPO

June 24, 2021

DiDi Global, which operates China's largest ride-hailing network, announced terms for its IPO on Thursday.

The Beijing, China-based company plans to raise $3.9 billion by offering 288 million ADSs at a price range of $13 to $14. Insider Temasek and new investor Morgan Stanley intend to purchase $1.3 billion worth of ADSs in the offering (32% of the deal). At the midpoint of the proposed range, DiDi Global would command a fully diluted market value of $67.5 billion.

The company states that is is the world's largest mobility technology platform and the go-to brand in China for shared mobility, providing a range of mobility services, including ride hailing, taxi hailing, and other forms of shared mobility. DiDi operates in nearly 4,000 cities, counties, and towns across 15 countries, serving over 493 million annual active users and powering 41 million average daily transactions for the twelve months ended March 31, 2021.

DiDi Global was founded in 2012 and booked $24.9 billion in revenue for the 12 months ended March 31, 2021. It plans to list on the NYSE under the symbol DIDI. Goldman Sachs (Asia), Morgan Stanley, J.P. Morgan, BofA Securities, Barclays, China Renaissance, Citi, HSBC, and UBS Investment Bank are the joint bookrunners on the deal. It is expected to price during the week of June 28, 2021.