Chinese firm Didi’s $4 bln IPO books covered on first day of bookbuild -sources

June 24 (Reuters) – An initial public offer (IPO) by China’s Didi Global Inc in New York to raise up to $4 billion has been fully covered on the first day of its bookbuild, even as some investors fear tougher rules could hit growth, sources with direct knowledge said.

The offering will be the biggest U.S. share sale by a Chinese company since Alibaba raised $25 billion in 2014 and is likely to be the biggest U.S. IPO this year.

The ride-hailing giant did not respond to a request for comment on its bookbuilding exercise, set to run until Tuesday, when pricing will be set after the close of the U.S. market, according to a term sheet seen by Reuters.

“Many investors still doubt if Didi can maintain a high growth rate for its core ride-hailing business in China,” said a prospective investor at one Hong Kong-based hedge fund who asked not to be identified as he was not allowed to speak to media.

“Its market share is already very high in big cities, which means…

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