China's Didi valued at $80 billion in mega U.S. IPO as shares soar

Record ID: 1624407

  • Title: China's Didi valued at $80 billion in mega U.S. IPO as shares soar
  • Date: 30th June 2021
  • Summary: GREENWICH, CONNECTICUT, UNITED STATES (JUNE 30, 2021) (REUTERS VIA ZOOM) (SOUNDBITE) (English) RENAISSANCE CAPITAL, PRINCIPAL, KATHLEEN SMITH, SAYING: "Another day, another big company goes public in the IPO market. This is the most highly valued IPO that we've seen so far this year. And, you know, it's China's largest ride hailing company. And so it's big. It's bigger than Uber. It's one of a dominant player. And it looks like the valuation that was placed on the company was reasonable. I think investors are a little worried about regulatory crackdowns that China is putting on its companies and on this company in particular regarding anti-competitive practices and how it compensates its drivers. But it looks like this IPO is going to get pulled off. It'll be the second largest IPO of the year."
  • Embargoed: 14th July 2021 19:09
  • Keywords: Chinese ride hailing giant Didi Global IPO initial public offering
  • Location: NE WYORK, NEW YORK, UNITED STATES, UNKNOWN LOCATIONS
  • City: NE WYORK, NEW YORK, UNITED STATES, UNKNOWN LOCATIONS
  • Country: USA
  • Topics: Company News Markets,Economic Events,United States
  • Reuters ID: LVA003EJLGX1J
  • Aspect Ratio: 16:9
  • Story Text: China's Didi Global Inc shares soared nearly 19% in their New York Stock Exchange debut on Wednesday (June 30), valuing the ride-hailing giant at $80 billion in the biggest U.S. listing by a Chinese company since 2014.
    SoftBank-backed Didi's stock opened at $16.65, compared with the initial public offering price of $14 per share.
    It had priced an upsized offering of 316.8 million American Depositary Shares at the upper end of its $13 to $14 range, raising $4.4 billion.
    Didi's listing in New York will be the biggest U.S. share sale by a Chinese company since Alibaba raised $25 billion in 2014.
    The biggest Chinese listing in the United States so far this year was Full Truck Alliance YMM.N, often referred to as "Uber for trucks", which raised $1.6 billion.
    (Production: Aleksandra Michalska)
  • Copyright Holder: REUTERS
  • Copyright Notice: (c) Copyright Thomson Reuters 2021. Open For Restrictions - http://about.reuters.com/fulllegal.asp
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