December 6, 2021

Didi Sets Valuation Target of $62 Billion to $67 Billion in IPO

Didi Global Inc., the Beijing-based ride-hailing company, is targeting a valuation of $62 billion to $67 billion in its IPO, according to its latest public filing.

The fully diluted valuation, which typically includes restricted stock units, could eclipse $70 billion, people familiar with the matter told The Wall Street Journal.

Didi is looking to raise $3.9 billion in the initial public offering by selling 288 million American depositary shares, assuming they price at the midpoint of its targeted range of $13 to $14 per ADS, the filing said.

Didi, which recently changed its corporate name, has said it would use the money it raises to invest in technology, grow its business outside of China and introduce new products.

Much like

Uber Technologies Inc.

UBER 0.61%

in the U.S., China’s Didi operates a smartphone app where users can hail rides, regular taxis and carpooling services. Didi is known for successfully pushing Uber out of China, winning a harsh price war that ended in 2016 when Uber merged its China unit with Didi in exchange for a stake in Didi.

Didi plans to list its American depositary shares on the New York Stock Exchange under the symbol DIDI.

Didi is expected to be one of the most hotly anticipated IPOs in a banner year for them. Traditional U.S.-listed IPOs have raised more than $70 billion already this year, according to Dealogic. Fund managers, venture capitalists, bankers and lawyers have said they are busier with IPOs than they have been in decades at this time of year, which is usually quieter. Some say business is even crazier than during the dot-com boom of the late 1990s.

For the full year 2020, Didi posted revenue of 141.74 billion Chinese yuan, equivalent to $21.63 billion, down 8.4% from a year ago as the coronavirus pandemic cut into business. It posted a full-year net loss of 10.68 billion yuan, equivalent to $1.63 billion.

Didi was founded in 2012 by

Alibaba Group Holding Ltd.

BABA 1.64%

alumnus

Cheng Wei,

and it merged with a rival in 2015 to gain scale. Mr. Cheng owns 7% of the company’s shares and controls 15.4% of its voting power before the IPO, according to the filing.

Other high-profile investors in Didi include

SoftBank Group Corp.

9984 2.26%

, Uber and

Tencent Holdings Ltd.

TCEHY 0.77%

entities.

Write to Corrie Driebusch at corrie.driebusch@wsj.com

Copyright ©2020 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Appeared in the June 25, 2021, print edition as ‘Didi Is Valued at up to $67 Billion in IPO.’

in Tech
Related Posts

Electronic Arts Discloses Hack of ‘FIFA 21’ Source Code

June 10, 2021

June 10, 2021

Electronic Arts Inc. said Thursday that hackers stole source code on its “FIFA 21” videogame. The maker and publisher of...

Best Tech Gifts 2021: Our Favorite Gadgets

November 14, 2021

November 14, 2021

The global chip shortage posed a unique challenge for our annual list of the most gift-worthy tech products—especially when it...

SoftBank Latin America Fund Leads $28 Million Atom Finance Funding Round

June 23, 2021

June 23, 2021

SoftBank Group Corp. 9984 -0.18% is investing in startup investing platform Atom Finance, in a bet by the Japanese conglomerate that...

How to Shop Online and Not Get Ripped Off

June 20, 2021

June 20, 2021

Shopping online can feel like magic. A couple of clicks and a few days later, a box is on your...

Apple Subpoenas From DOJ Prompt Internal Review, Calls for William Barr, Jeff Sessions to Testify

June 11, 2021

June 11, 2021

WASHINGTON—The Justice Department’s internal watchdog and Senate Democrats vowed to investigate the Trump administration’s secret seizure of communication records of...

Amazon’s Planned Purchase of MGM to Be Reviewed by FTC

June 22, 2021

June 22, 2021

WASHINGTON—The Federal Trade Commission will be the agency to review Amazon. AMZN 1.62% com Inc.’s proposed acquisition of Hollywood studio...

Self-Driving Truck Startup Embark to Go Public in $5.2 Billion SPAC Deal

June 23, 2021

June 23, 2021

Embark Trucks Inc. is merging with a special-purpose acquisition company to go public in a deal that values the self-driving...

Hackers Stole $650,000 From Nonprofit and Got Away, Showing Limits to Law Enforcement’s Reach

June 7, 2021

June 7, 2021

Just before Christmas 2020, hackers began to steal from One Treasure Island, a nonprofit that is redeveloping its namesake island...

Apple’s New iPad Pro vs. MacBook Air: The Best M1 Device for You

May 19, 2021

May 19, 2021

The gap between the Mac and the iPad is the tightest it has ever been. The iPad Pro is now...

Tesla Shareholder Panasonic Sells Stake for $3.6 Billion

June 25, 2021

June 25, 2021

TOKYO— Tesla Inc.’s TSLA 0.19% leading battery supplier is no longer a Tesla shareholder. Panasonic Corp. PCRFY 4.04% said Friday...

How to Make Sure Your Kids Can’t Max Out Your Credit Card on V-Bucks and Robux

June 19, 2021

June 19, 2021

Trish Gilbert didn’t realize how much money her two sons were spending on digital goods in “Fortnite” during the pandemic...

Chip Shortages Are Starting to Hit Consumers. Higher Prices Are Likely.

June 21, 2021

June 21, 2021

The global chip shortage is pushing up prices of items such as laptops and printers and is threatening to do...

What Post-CEO Life Looks Like if You’re Jeff Bezos

July 2, 2021

July 2, 2021

When Jeff Bezos steps down as CEO Monday, it will be 27 years to the day he started Amazon.com Inc....

What is the Metaverse? The Future Vision for the Internet

November 6, 2021

November 6, 2021

People will be able to do almost anything in the metaverse: attend concerts, watch UFC fights, participate in work meetings....

What a Tech Breakup Could Mean for You

July 3, 2021

July 3, 2021

As momentum builds to curtail the power of Big Tech, lawmakers, Beltway pundits and the companies themselves are all competing...