A logo of the giant Didi Chuxing, displayed on a building in Hangzhou in eastern Zhejiang province in China.
STR | AFP | Getty Images
It is said that Chinese giant Didi Chuxing will pay off $ 1.5 billion in debt financing before a conspicuous US stock market, Bloomberg reported on Friday, citing sources familiar with the matter.
According to a Reuters report, the Softbank-backed company plans to file a confidential listing later this month for a listing in July led by Goldman Sachs and Morgan Stanley.
According to PitchBook data, Didi was valued at $ 62 billion after an August fundraising round. Both Bloomberg and Reuters reported that the company might be looking at a $ 100 billion valuation at the time of its Wall Street debut.
A U.S. spokesman for the company, which reached out to CNBC, declined to comment.
A Didi exchange could be one of the largest technological IPOs this year and one of the largest Chinese stock exchanges in the US since Alibaba listed on the New York Stock Exchange in 2014. The Ant Group stock exchange, which would be the largest in history, was drawn by regulators a few days before it would start trading in Shanghai and Hong Kong in November. The IPO suspension came shortly after Jack Ma, the founder of Alibaba, which owns about a third of Ant Group, made some comments that appeared to be critical of China’s financial regulator. Ant Group was also an early investor in Didi.
Last May, Didi president Jean Liu told CNBC that the company’s core business was profitable and that it had picked up again after the coronavirus outbreak hit China, its home market. Liu did not give specific figures or say what measure of profitability she was referring to.
Didi has been nominated on the CNBC Disruptor 50 list for the past three consecutive years, which was recently number 30 on last year’s list. The headquarters in Beijing operates in China and eight overseas markets, including Australia and Japan.