The Chinese taxi app Didi Global has raised $4.4 billion with its IPO in New York. That’s what insiders say to the news agencies Reuters and Bloomberg.
The company’s valuation based on current share capital is more than $67 billion. It is the largest IPO of a Chinese company in New York since that of online store Alibaba in 2014.
Didi is the most significant player in the taxi market in China. The company is also mainly active in Latin America and is said to have plans to come to Europe. A significant investor in the company is Japan’s SoftBank. American industry peer Uber Technologies is also a shareholder of Didi, which was founded in 2012.
Didi sold more pieces than previously planned, according to the sources, due to strong investor demand. Trading in Didi is expected to begin on Wall Street on Wednesday.
It was recently reported that the Chinese antitrust authorities are investigating Didi to see if the company has violated competition rules. The authorities would, among other things, investigate whether Didi used unfair ways to squeeze smaller rivals out of the market.
