- 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: "It's a dominant player. I think that that's a positive in its favor. However, this company has lost about $15 billion to date and over the last... in 2020, it lost $2 billion and for the first quarter, a billion. So the losses are staggering, and even... and the growth slowed down. It was negative during the pandemic. This last quarter, it the growth increased 100 percent. So, you've got growth there, but a lot of losses. So I think that that's the risk that investors are going to have to take into account when they look at this company."
- 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: LVA006EJLGX1J
- 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)
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