Didi likely to seek NY listing some time in 2018
Print Edition
RIDE-HAILING service Didi Chuxing, Uber Technologies Inc’s main rival in China, is working toward an initial public offering in the United States that would likely take place in 2018, a person with knowledge of the plan said yesterday.
The Apple Inc-backed firm is valued at about US$25 billion and its stock market listing would be the most high-profile by a Chinese company in the US since Alibaba Group Holding Ltd’s two years ago.
Didi has ruled out a stock market flotation in China, said the person, who declined to be identified as the discussions about a listing were private.
There are nearly 800 companies waiting to get regulatory approval for an IPO in China, making it hard to predict when a listing might happen.
A Didi spokeswoman in Beijing said the company currently has no IPO plan.
Didi Chuxing, which dominates the ride-sharing market in China, was formerly known as Didi Kuaidi and was formed last year from the merger of two companies backed separately by e-commerce giant Alibaba and social network firm Tencent Holdings Ltd.
Bloomberg News earlier reported that Didi was targeting a New York listing next year, but the person with knowledge of the matter said a 2017 listing would be too early.
Didi is currently seeking to raise US$3 billion in its latest funding round, which includes an investment of US$1 billion from Apple.
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