China’s Uber-like service eyes blockbuster IPO

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Didi Chuxing, China’s biggest ride-hailing firm, on Thursday made public its filing for a U.S. 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.

RIDE SHARE PRICES FOR UBER, LYFT CONTINUE TO SPIKE NATIONWIDE AMID DRIVER SHORTAGE, HIGH DEMAND

In its filing on Thursday, Didi revealed slower revenue growth in 2020 due to the impact of the COVID-19…

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