China’s ride-hailing app Didi will make its debut on the New York Stock Exchange after defeating Uber and becoming dominant on the streets of the country’s major cities, but with worries over growth and regulation on the horizon.
Under the name of its holding company Xiaoju Kuaizhi, Didi aims to raise $3.9bn in one of the largest foreign IPOs since the 2014 Alibaba offering, at a valuation of $64.7bn in the middle of its price range.
The target is similar to the $65bn valuation at which private investors bought into the company in a 2018 fundraising, perhaps reflecting how investor interest in ride-hailing has waned in the wake of a disappointing 2019 IPO for rival Uber.
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