Didi Global Prices IPO at $14 a Share

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The Wall Street Journal 29 June, 2021 - 08:29pm 59 views

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Chinese ride-hailing giant, Didi Global, will price shares in its U.S initial public offering (IPO) at the top of the indicated range or above, according to a source with direct knowledge of the matter.

Didi is selling 288 million American Depository Shares (ADS) with a price range of $13 to $14 each.

At the top of the range, the IPO would raise $4.03 billion which would value Didi at $67.2 billion.

The source could not be named as the information has not yet been made public.

Didi did not immediately respond to a request for comment.

The final price of the shares is due to be set at the U.S market close on Tuesday, according to term sheets seen by Reuters.

The IPO was covered early on the first day of the bookbuild last week and the investor books were closed on Monday, one day ahead of schedule.

The book is covered multiple times by investors, two sources told Reuters on Tuesday.

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

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Didi Prices Its IPO at $14. The Chinese Ride-Hailing Giant Starts Trading on Wednesday.

Barron's 29 June, 2021 - 05:46pm

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Didi Global, the Uber of China, has set the stage for one of the year’s biggest IPOs. 

The Chinese ride-hailing behemoth on Tuesday sold 288 million American depositary shares at $14 each, the top of its $13 to $14 price range, a person briefed on the matter said. Four such shares represent one class A ordinary share. 

At $14 a share, Didi would have a $67 billion market capitalization. On a fully diluted basis, Didi’s valuation rises to about $73 billion

The Beijing company has raised $4 billion in the offering. The shares will start trading on Wednesday on the New York Stock Exchange under the ticker DIDI.  

Didi was one of nine companies expected to price their IPOs on Tuesday and trade Wednesday.

SentinelOne, the AI-powered cybersecurity platform, collected $1.12 billion after selling 32 million shares at $35 each, above its expected price range. The company had filed to offer 32 million shares at $26 to $29 each, which it boosted to $31 to $32 a share on Monday. It will trade Wednesday under the ticker S on the New York Stock Exchange.

Others scheduled to price Tuesday and trade Wednesday include LegalZoom, the online legal services company

Goldman Sachs, Morgan Stanley, and J.P. Morgan are the underwriters on the Didi offering.

Didi provides a smartphone app that lets users connect with vehicles and taxis for hire. Founded in 2012, it operates in nearly 4,000 cities, counties, and towns across 16 countries, its prospectus said. It had more than 493 million annual active users as of March 31. 

At $4 billion, Didi would deliver the second biggest IPO of the year. Coupang (ticker: CPNG), which collected about $4.6 billion in March, remains the year’s biggest IPO, Dealogic said.

Write to luisa.beltran@barrons.com

Didi Global, the Uber of China, has set the stage for one of the year’s biggest IPOs.

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Chinese Ride-Hailing Giant Didi Prices IPO at $14 a Share: Reports

TheStreet 29 June, 2021 - 04:55pm

At $14 a share, Didi will raise about $4 billion, Bloomberg reported. The Wall Street Journal also reported the $14 price, citing a person familiar with the situation.

The pricing comes in somewhat below expectations for a valuation as high as $100 billion.

Tech giants Tencent, Alibaba and Softbank all are backers of the company. U.S. ride-hailing company Uber  (UBER) - Get Report took a stake in Didi in 2016 when it merged its China unit with Didi after falling behind the company in the world’s biggest market.

Goldman Sachs, Morgan Stanley and JPMorgan Chase are leading the offering.

TheStreet.com’s Jim Cramer recently said Didi could offer speculators a good opportunity.

Didi had more than twice Uber’s revenue last year and is forecast to have 800 million monthly active users by 2022.

Didi's listing is among the largest U.S. IPOs since Alibaba's debut in 2014. It holds the potential to re-ignite China-based company flotations hurt by tech stock slides earlier this year and tensions between Washington and Beijing.

The pace of China and Hong Kong-based listing on U.S. markets started the year quite high, with $7.1 billion closed by the end of the first quarter, compared to the $12 billion tally recorded over all of 2020. 

Shares of Uber ended Tuesday's regular trading session  off 35 cents, or 0.7%, at $50.76.

China's Didi will reportedly price IPO above expected range

Fox Business 29 June, 2021 - 11:41am

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Beachbody CEO, chairman and co-founder Carl Daikeler reflects on his company's first day of public trade.

Chinese ride-hailing company Didi Global Inc. is planning to price shares in its U.S. initial public offering at or above the top end of its indicated range, according to a report. 

Didi plans to sell 288 million American depositary shares at a price between $13 and $14 apiece. One Didi ADS is equal to 25% of one ordinary share. 

The company would raise about $4 billion at the top end of the range and nab a valuation of more than $67 billion. 

The order book for the IPO is oversubscribed by multiple times, according to Reuters. 

The final pricing is expected to occur following the close of U.S. markets on Tuesday.

Didi will use the proceeds from the offering to invest in technology and fund international growth, among other things, according to its regulatory filing. 

Didi’s IPO is expected to trail only Alibaba’s $25 billion debut in 2014 for a Chinese company listing on an American exchange. 

The offering is being led by Goldman Sachs Group Inc., Morgan Stanley and JPMorgan Chase & Co. 

Didi shares will trade on the New York Stock Exchange under the ticker symbol DIDI. 

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