Two of Asia’s largest and most prominent ride-hailing services are said to be making moves to go public in the US.
Didi Chuxing has secretly filed for a U.S. IPO that will value it at $ 70 billion to $ 100 billion, Bloomberg News reported on Friday. Didi, the largest ride-hailing firm in China, is also considering a subsequent listing in Hong Kong, Bloomberg reported, citing unnamed sources.
SoftBank Group Corp.
Backed up Didi, which acquired Uber Technologies Inc.’s China business.
in 2016, which is expected to go public by the end of 2021 but it was reported last month that it accelerated its initial public offering as China recovers from the coronavirus pandemic.
Uber still owns a minority stake in Didi as well as Grab, a Singapore-based ride-hailing company that is also reportedly on the horizon. The Financial Times reported this week that Grab, which also delivers food and more, plans to go public in the US through a merger with a special purpose acquisition, or SPAC, by investment firm Altimeter Capital control. Axios separately reported the news Friday morning, calling it “a matter of when, not if”.
Uber secured its interest in Grab in a similar deal with Didi, selling its business in the two companies’ home markets while taking in a share of former competitors. surname. Uber has a 15.4% stake in Didi and a 23.2% stake in Grab as of September 30, 2018 and values its stake at $ 6.3 billion for Didi and $ 2.34 billion. la for Grab by the end of 2020, according to filings with Securities and Exchange Commissions. Uber also revealed that it is looking to sell about $ 500 million of its Didi stake in the first half of this year.