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Tuesday, June 15, 2021

Didi Chuxing, China’s Ride-Hailing Giant, Unveils U.S. IPO Filing

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An autonomous vehicle of ride-hailing giant Didi Chuxing in front of the Shanghai Automobile Exhibition Center in Shanghai, China, on June 27.



Photo:

Wang Xiang/Zuma Press

Didi Chuxing Technology Co., the Chinese ride-hailing behemoth, made its IPO papers public on Thursday, setting the company up to raise billions and begin trading publicly in the U.S. in July.

Didi, which filed under its formal name of Xiaoju Kuaizhi Inc., could fetch a valuation upward of $70 billion, people familiar with the matter said, a number that could stretch even higher amid investors’ ravenous appetite for newly public, high-growth companies.

The company is expected to raise roughly 8% to 10% of the valuation amount in the offering, people familiar with the matter said, money the company says it will use to invest in technology, grow its business outside of China and introduce new products.

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