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Didi Global in an SEC filing noted that it will sell up to 288,000,000 shares at a price range of between $13 and $14 in its IPO.
A new report indicates Didi Global Inc, a Beijing-based computer and internet company, is scheduled to close its IPO investor order books for its United States investors by 5 pm on Monday. According to media outlet Reuters, an overallotment option could see the ride-hailing firm sell an extra 43.2 million shares, thereby raising an extra $605,000,000 from the public.
Notably, Didi Global through an SEC filing information noted that it will sell up to 288,000,000 shares at a price range of between $13 and $14. Should the Didi shares open trading at a higher price target of $14, then the firm will have raised to $4.03 billion. Subsequently, the company will see its market valuation as high as $67.2 billion. However, the firm is said to have anticipated a $100 billion market valuation.
According to Reuters, Didi investors are not confident with the company’s ability to maintain its growth rate based on the market outlook. Moreover, the firm is venturing into a competitive sector dominated by the likes of Uber, Lyft, Grab, Ola among others.
Notably, Didi Global chose Goldman Sachs, Morgan Stanley, and JPMorgan as its preferred bookrunner. Reuters noted that Morgan Stanley has subscribed for up to $750 million worth of Didi shares. Additionally, Singapore’s Temasek has purchased Didi shares worth approximately $500 million according to the SEC filing.
Didi Global and Its IPO Plans
Didi Global is venturing into global markets as most countries rebound from last year’s coronavirus disruptions. Notably, the firm reported annual revenue of $6.4 billion during the fiscal year 2020. In a bid to remain relevant in the global market, Didi has been involved in several fundings. Among the firm conducted its Corporate Round on May 2021 and managed to collect $300 million. Earlier that month, the company had completed its debt financing and managed to pool together $1.5 billion from investors.
At the beginning of the year, the firm conducted a venture round led by IDG Capital and managed to collect $300 million. Other notable investors in Didi Global Inc. include SoftBank Vision Fund and Toyota.
Founded back in 2012, Didi Global has grown to global markets and has employed 15,914 direct employees according to market updates provided by MarketWatch. Along the way, the firm has acquired several global entities that have helped it grow to different global markets. Among the entities acquired since its inception include BlueGoGo, 99 Taxis among others.