Jun 10, 2021 - Technology

Chinese ride-hail giant Didi files for IPO

Illustration of a pattern of cars with one highlighted.
Illustration: Aïda Amer/Axios

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.
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