By Luisa Beltran
Didi Global, the Uber of China, has set the stage for one of the year’s biggest IPOs.
The Chinese ride-hailing behemoth on Wednesday said it sold 316.8 million American depositary shares at $14 each, the top of its $13 to $14 price range. Four such shares represent one class A ordinary share. The company announced on Wednesday morning that it had increased the size of the deal; it had planned on offering 288 million shares.
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.
Shares of Didi indicated to open between $15 and $16 at around 11:20 a.m.
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 $1.2 billion after selling 35 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.
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.
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