Didi Chuxing, China’s biggest ride-hailing firm, on Thursday made public its filing for a US stock market listing, setting the stage for what is expected to be the world’s biggest initial public offering this year.
The company – backed by Asia’s largest technology investment firms, SoftBank, Alibaba and Tencent – did not reveal the size of the offering, but sources familiar with the matter had previously told Reuters that the ride-hailing giant could raise around $10 billion and seek a valuation of close to $100 billion.
At that valuation, Didi’s stock market flotation would be the biggest Chinese share offering in the United States, since Alibaba raised $25 billion in its blockbuster IPO in 2014.
In its filing on Thursday, Didi revealed slower revenue growth in 2020 due to the impact of the COVID-19 pandemic, which grounded the global ride-hailing industry to a halt as lockdowns were enforced all over the globe.
For 2020, Didi reported revenue of 141.7 billion yuan ($22.17 billion), down from 154.8 billion yuan a year earlier. Net loss stood at 10.6 billion yuan in 2020, compared with 9.7 billion yuan a year earlier.
However, Didi started 2021 strongly, as businesses reopened in China. Revenue more than doubled to 42.2 billion yuan (US$6.4 billion)