- July 1, 2021
- Posted by: Stratford Team
- Category: Business
UBS Global Wealth Management head David Lefkowitz argues the Fed isn’t offering any indications that the bull market is ending.
Didi Global Inc. shares surged 19% Wednesday in their opening trade on the New York Stock Exchange.
Shares of the China-based ride-hailing giant opened for trading at $16.65 after pricing at $14 on Tuesday evening. They were expected to price between $13 and $14 apiece.
Ticker Security Last Change Change %DIDI DIDI GLOBAL INC SPON ADS EA REP 0.25 ORD SH 14.36 -3.64 -20.22%
Strong demand allowed Didi to sell 316.8 million American depository shares (ADS), up from the planned 288 million shares. One Didi ADS is equal to 25% of one ordinary share. The ADS trade under the ticker symbol DIDI.
Wednesday’s U.S. IPO raised $4.4 billion and valued the company at $73 billion on a fully diluted basis. Didi plans to use the proceeds from its IPO to invest in technology and to fund international growth.
The IPO was the second…