Didi closes little changed from IPO price in New York Stock Exchange debut
- The Chinese ride-hailing giant gains 1 per cent to finish at US$14.14 on Wednesday
- An early rally, when the stock was up 29 per cent, fades on the first day of Didi’s US trading
Didi Chuxing, the Chinese ride-hailing and tech giant, closed up 1 per cent at US$14.14 on Wednesday in its first day of trading on the New York Stock Exchange after shares had jumped 29 per cent early in the day.
The company, with the ticker symbol DIDI, had the biggest international listing in the US since Alibaba Group’s IPO in 2014.
Didi raised US$4.4 billion with its initial offering priced at the top of its marketed range at US$14 a share, the company said. The offering was oversubscribed by 10 times, according to Tencent News. The company said it had increased the number of shares sold by 10 per cent to 316.8 million because of strong demand.
Beijing-based Didi, founded in 2012 by Alibaba alum Cheng Wei, is valued at US$70 billion on a fully diluted basis after the IPO. The offering, led by Goldman Sachs, had originally sought to raise up to US$4 billion.
Alibaba owns the South China Morning Post.