Chinese ride-hail giant Didi files for IPO
Chinese ride-hail company Didi filed for an initial public offering on Thursday.
Why it matters: Didi is not only known as the Uber of China, but actually beat Uber in the country and bought out its business there.
- Uber currently has a 12.8% stake in Didi, making it the company's second-largest outside shareholder.
- Other major backers include SoftBank (21.5%) and Tencent (6.8%).
Financials: Didi reports a $1.7 billion loss on $21.6 billion in revenue for 2020, and most recently was valued by venture capitalists at $62 billion. It is certain to seek a much higher price in its IPO.
- Around 1.6% of the company's revenue comes from international operations, as Didi has expanded to countries like Russia and South Africa.
- The company plans to list on either the New York Stock Exchange or Nasdaq under ticker symbol "DIDI." Lead bankers are Goldman Sachs (Asia), Morgan Stanley and J.P. Morgan.
- The filing does not disclose how much money Didi plans to raise via the IPO, instead just listing a "$100 million" placeholder.