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Didi Chuxing
Tech

Chinese ride-hailing giant Didi Chuxing files IPO with potential Uber-beating valuation in US listing

  • The company – backed by Asia’s largest technology investment firms, SoftBank, Alibaba and Tencent – did not reveal the size of the offering
  • The size of the Didi’s offering could be a blockbuster as its post-money valuation hit US$62 billion following its latest fundraising round in 2019

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Cheng Wei, founder and chairman of of Didi Chuxing. Photo: DiDi
Chad Bray
Didi Chuxing, China’s largest ride-hailing service, publicly filed for an initial public offering in the United States on Thursday, potentially setting it up to be more valuable than rival Uber Technologies.

Filing under its formal name Xiaoju Kuaizhi, Didi did not indicate which US exchange it plans to list or the size of its offering. The company, which initially filed confidentially in April, is still considering a listing between the New York Stock Exchange and Nasdaq, a person familiar with the matter said. 

The size of the offering could be a blockbuster as its post-money valuation hit US$62 billion following its latest fundraising round in 2019, up from US$56 billion in 2018.

The Beijing-based company has been thinking about raising US$10 billion from the share offering, which could potentially value the firm at up to US$100 billion, Reuters previously reported, citing sources familiar with the matter.

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At that valuation, Didi Chuxing would surpass Uber, which had a market capitalisation of US$92.7 billion as of Thursday’s close in New York. Didi’s stock market flotation also would be the biggest Chinese share offering based on IPO size since 2014, when Alibaba raised US$25 billion in its US listing.

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