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Didi Opens Higher in New York IPO

Stock MarketsJun 30, 2021 17:56
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© Reuters.

By Christiana Sciaudone

Investing.com -- Didi Global Inc ADR (NYSE:DIDI) opened at $16.65, up almost 10% after shares started trading on the New York Stock Exchange. 

The ride-hailing company priced its initial public offering at $14 a share, around expectations, The Wall Street Journal reported. That gives it a valuation in excess of $67 billion. The company sold more stock than planned, raising about $4.4 billion, a person familiar with the matter told the Journal. That compares to Uber (NYSE:UBER) at $95 billion and Lyft (NASDAQ:LYFT) at $20 billion. 

Didi is facing an antitrust probe into China’s internet giants, Bloomberg reported. That's driving uncertainty for DIdi and peers including backer Tencent (HK:0700) Holdings (OTC:TCEHY). In April, Didi was among 34 tech companies ordered by regulators to correct excesses, and the company warned that it couldn’t assure investors that government officials would be satisfied with its efforts or that it would escape penalties. In May, the antitrust watchdog ordered Didi to halt practices from arbitrary price hikes to unfair treatment of drivers, Bloomberg said.

The company reported sales of RMB135.3 billion, RMB154.8 billion and RMB141.7 billion (US$21.9 billion) in 2018, 2019 and 2020, respectively. Net loss totaled RMB15.0 billion, RMB9.7 billion and RMB10.6 billion (US$1.6 billion) in 2018, 2019 and 2020, respectively.  

Didi operates in more than 4,000 locations in 15 countries, though China mobility represents the bulk of revenue.

 

Didi Opens Higher in New York IPO
 

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