China's Didi raises $4.4 bln in upsized U.S. IPO -sources

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Reuters 30 June, 2021 - 03:48am 45 views

When is Didi IPO?

When is Didi's IPO date? Didi is expected to begin trading on 30 June 2021 under the ticker 'DIDI'. You can keep track of upcoming IPOs​ that are due to debut on our platform. cmcmarkets.comDidi IPO: How to Trade on Didi's IPO

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Krispy Kreme Inc. (DNUT) is expected to go public for the second time on July 1, 2021. ForbesDough-Not Buy Krispy Kreme’s Overpriced IPO

Didi sold 317 million American Depository Shares (ADS), versus the planned 288 million, at $14 apiece, the people said on condition of anonymity ahead of an official announcement.

This would give Didi a valuation of about $73 billion on a fully diluted basis. On a non-diluted basis, it will be worth $67.5 billion. The company is expected to debut on the New York Stock Exchange on June 30.

The increase in deal size came after the Didi investor order book was oversubscribed multiple times, one of the sources said.

Investors have been told to expect their orders to be scaled back once allocations are completed on Wednesday, according to a separate source with direct knowledge of the matter.

Didi did not respond to a request for comment.

The listing, which will be the biggest U.S. share sale by a Chinese company since Alibaba raised $25 billion in 2014, comes amid record IPO activity this year as companies rush to capture the lucrative valuations seen in the U.S. stock market.

Didi's IPO is more conservative than its initial aim for a valuation of up to $100 billion, Reuters has previously reported. The size of the deal was cut during briefings with investors ahead of the IPO's launch. read more

This suggests increasing investor worries about China's potential anti-trust related crackdown and a more volatile IPO environment globally in 2021, said Douglas Kim, a London-based independent analyst, who writes on Smartkarma.

Didi's IPO was covered early on the first day of the book-build last week and the investor books were closed on Monday, a day ahead of schedule. read more .

An over-allotment option, or greenshoe, exists where another 43.2 million shares can be sold to increase the deal size.

Didi was co-founded in 2012 by former Alibaba employee Will Wei Cheng, who currently serves as the chief executive officer. Cheng was joined by Jean Qing Liu, a former Goldman Sachs banker and the current president of the ride-sharing company.

The company counts SoftBank (9984.T), Uber Technologies Inc (UBER.N) and Tencent (0700.HK) as its main backers.

Didi is also known for successfully pushing Uber out of the Chinese market after the U.S. company lost a price war and ended up selling its China operations to Didi for a stake. Liu Zhen, the head of Uber China at the time, is Didi's Liu's cousin.

Like most ride-hailing companies, Didi had historically been unprofitable, until it reported a profit of $30 million in the first quarter of this year.

The company reported a loss of $1.6 billion last year and an 8% drop in revenue to $21.63 billion, according to a regulatory filing, as business slid during the pandemic.

Its shares are due to start trading under the "DIDI" symbol.

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Get as many Didi shares as you can after the Chinese ride-hailing giant goes public, Jim Cramer says

CNBC 29 June, 2021 - 11:10pm

"I think the valuation seems imminently reasonable," the "Mad Money" host said. "If you want to speculate on a Chinese IPO, you've got my blessing to bet on Didi. I would try to get as many shares as you can."

Didi will list Wednesday on the New York Stock Exchange with the ticker symbol DIDI. The company expects its stock to be priced between $13 and $14 each, which could give the ride-hailing giant a valuation of more than $60 billion. The IPO could raise more than $4 billion for the company, which would make it one of the biggest of 2021.

"There are some antitrust concerns here, but as long as they stay on the Communist Party's good side," Cramer said. "I doubt they'll have much trouble with the regulators."

The antitrust worries stem from a report that China's market regulator is probing whether Didi unfairly snuffed out smaller rivals and if its pricing practices have enough transparency. The investigation comes as the country has scrutinized other companies like Alibaba and Tencent.

Didi reported collecting $21.6 billion in revenue last year. The company also said it turned a profit in its last quarter on $6.4 billion in revenue.

Didi ranked No. 5 on this year's CNBC Disruptor 50 list.

Questions, comments, suggestions for the "Mad Money" website? madcap@cnbc.com

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UPDATE 3-China's Didi raises $4.4 bln in upsized U.S. IPO -sources

Yahoo Finance 29 June, 2021 - 05:20pm

* Sells ADS at $14 a piece - sources

* Would give Didi $73 bln valuation on fully diluted basis (Adds increase in deal size, bullet points)

By Echo Wang, Anirban Sen and Scott Murdoch

June 29 (Reuters) - Chinese ride hailing company Didi Global Inc raised $4.4 billion in its U.S IPO on Tuesday, pricing it at the top of its indicated range and increasing the number of shares sold, according to two sources familiar with the matter.

Didi sold 317 million American Depository Shares (ADS), versus the planned 288 million, at $14 apiece, the people said on condition of anonymity ahead of an official announcement.

This would give Didi a valuation of about $73 billion on a fully diluted basis. On a non-diluted basis, it will be worth $67.5 billion. The company is expected to debut on the New York Stock Exchange on June 30.

The increase in deal size came after the Didi investor order book was oversubscribed multiple times, one of the sources said.

Investors have been told to expect their orders to be scaled back once allocations are completed on Wednesday, according to a separate source with direct knowledge of the matter.

Didi did not respond to a request for comment.

The listing, which will be the biggest U.S. share sale by a Chinese company since Alibaba raised $25 billion in 2014, comes amid record IPO activity this year as companies rush to capture the lucrative valuations seen in the U.S. stock market.

Didi's IPO is more conservative than its initial aim for a valuation of up to $100 billion, Reuters has previously reported. The size of the deal was cut during briefings with investors ahead of the IPO's launch.

This suggests increasing investor worries about China's potential anti-trust related crackdown and a more volatile IPO environment globally in 2021, said Douglas Kim, a London-based independent analyst, who writes on Smartkarma.

"But it seems like many investors like this deal, the volatile IPO environment helped to lower IPO price and valuation looks attractive," Kim told Reuters.

Didi's IPO was covered early on the first day of the book-build last week and the investor books were closed on Monday, a day ahead of schedule..

An over-allotment option, or greenshoe, exists where another 43.2 million shares can be sold to increase the deal size.

Didi was co-founded in 2012 by former Alibaba employee Will Wei Cheng, who currently serves as the chief executive officer. Cheng was joined by Jean Qing Liu, a former Goldman Sachs banker and the current president of the ride-sharing company.

The company counts SoftBank, Uber Technologies Inc and Tencent as its main backers.

Didi is also known for successfully pushing Uber out of the Chinese market after the U.S. company lost a price war and ended up selling its China operations to Didi for a stake. Liu Zhen, the head of Uber China at the time, is Didi's Liu's cousin.

Like most ride-hailing companies, Didi had historically been unprofitable, until it reported a profit of $30 million in the first quarter of this year.

The company reported a loss of $1.6 billion last year and an 8% drop in revenue to $21.63 billion, according to a regulatory filing, as business slid during the pandemic.

Its shares are due to start trading under the "DIDI" symbol. (Reporting by Echo Wang in New York and Anirban Sen in Bengaluru and Scott Murdoch in Hong Kong; Editing by Greg Roumeliotis, Bill Berkrot and Himani Sarkar)

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After launching its IPO last week with an expected listing price range of $26 to $29 per share, cybersecurity company SentinelOne is going public tomorrow with some momentum behind it. Last week, when the company first announced the IPO, it was projected that it would raise $928 million at the top end of its range, giving SentinelOne a valuation of around $7 billion. Coming in at a $10 billion market capitalization would make SentinelOne the most valuable cybersecurity IPO to date.

Chinese ride hailing company Didi Global Inc raised $4.4 billion in its U.S IPO on Tuesday, pricing it at the top of its indicated range and increasing the number of shares sold, according to two sources familiar with the matter. Didi sold 317 million American Depository Shares (ADS), versus the planned 288 million, at $14 apiece, the people said on condition of anonymity ahead of an official announcement. This would give Didi a valuation of about $73 billion on a fully diluted basis.

(Bloomberg) -- Chinese ride-hailing giant Didi Global Inc. has raised about $4.4 billion after pricing its U.S. initial public offering at the top of a marketed range and selling more shares, according to people familiar with the matter.Didi sold about 317 million American depositary shares in the offering, around 10% more than originally planned, based on an updated filing on Tuesday. The company priced the shares at $14 each after marketing them for $13 to $14, the people said, who asked not t

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