The ride-hailing company Didi Chuxing became the largest Chinese company since Alibaba to list on US exchanges on Wednesday, following an initial public offering that received a strong response despite regulatory tensions.
Didi began trading at $16.65 per share, compared to its IPO price of $14, giving the company a market capitalisation of $80.4bn, but later slipped below $15 following the initial pop. The shares closed trading at $14.14.
Didi raised $4.4bn in an IPO on Tuesday, selling more shares than expected at the top end of its price range. The IPO still marked a comedown from initial expectations, after advisers had discussed raising as much as $7bn, said one person involved in the discussions.
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