In China, Didi Chuxing is looking for $ 4 billion in New York

Didi Chuxing, the Chinese ride-hailing company, has unveiled plans to raise as much as $ 4 billion from a first public offering on the New York Stock Exchange, in what would become one of the largest international listings in years. .

The Beijing-based company has said it will offer $ 288 million in US Deposit Shares in a price range of $ 13 to $ 14, according to an updated prospectus. Each ADS translates into four Class A shares of the company.

Morgan Stanley and Singapore’s Temasek have indicated interest in buying up to $ 1.25 billion in combined stock in the IPO, or about a third of the total supply in the mid-price range. Morgan Stanley also serves as the main subscriber in the float, and Temasek is one long-term investor in Didi.

Didi’s updated prospectus will implement a potential list in the coming weeks, following a roadshow when it will launch public investors. The IPO is probably the largest international listing in the United States since Alibaba raised more than $ 25 billion when it went public in 2014.

Didi would have a market capitalization of $ 64.7 billion in the middle of its price range, based on the number of Class A and B shares listed in the prospectus.

Private investors first valued Didi at $ 65 billion during a financing round in 2018. The company’s shares have changed hands in private markets at less than the upper end of its trading range, he said. said a person familiar with the activity.

The IPO would bolster Didi’s balance sheet when it plots an expansion outside its core market in China and invests in electric and autonomous technology.

Didi has recently faced pressure from regulators such as China and crack on large national technical companies, adding uncertainty to the IPO process.

Its management team will retain control of the majority vote following the offer through Class B shares carrying 10 votes each.

Weekly newsletter

Your crucial guide to the billions that are made and lost in the Asia Tech world. A curated menu of exclusive news, crisp analysis, intelligent data and the latest technical news from FT and Nikkei

Sign up here with one click

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *