Didi shares are rising on the largest US list for a Chinese company since Alibaba
Horse rider company Didi Chuxing became the largest Chinese company since Alibaba to launch at US markets on Wednesday, following a public startup in which people responded strongly despite some legal challenges.
Didi started selling $ 16.65 per share, compared to its IPO price of $ 14, giving the company a market cap of $ 80.4bn, but later dropped to $ 15 following the first pop. Shares closed trading at $ 14.14.
Didi raised $ 4.4bn in the second IPO, selling more shares than expected at the end of its price. The IPO recalled a drop in expectations, with members of parliament discussing a $ 7bn raise, one person said in a statement.
Advertisers hurriedly moved to buy shares in the IPO at Didi market price, following a quick demonstration that ended on Monday, people say in a statement. Advertisers living in Asia were expected to purchase a larger portion of the proceeds, people said.
Temasek of Singapore, a state-owned company and former dealer in Didi, and Morgan Stanley, who also served as a registrar in the IPO, expressed interest in buying $ 1.25bn of shares before the show, according to expectations.
The list that put Didi in the top categories of Chinese companies selling in the US markets, and earning more money from the IPO for every Chinese supplier in the US since Alibaba blockbuster in 2014.
Investors seem to be ignoring the growing concerns between the US-China and the collapse of the major technology companies in Didi, which taken for granted on prices and events of transportation to and from goods.
Didi uses China’s most advanced program and has begun to expand new markets, as well as pour money into the production of electric vehicles and self-driving systems.
Unlike Uber in the US, Didi is not making much money from donor services, although its main business has been profitable since 2019 on changes in pre-interest earnings, taxes, cuts and cuts. Former advertisers praised Didi for $ 65bn during the 2018 financial year.
Didi’s IPO followed the lists of several Chinese companies in the US, including freight forwarding company Full Truck Alliance and Dingdong. Shares in the Full Truck Alliance have fallen since the company’s first public appearance last week, giving the market a fortune of up to $ 20bn.
The list will set up a fundraiser for Didi’s investors including SoftBank’s Vision Fund, Uber, Silicon Valley’s asset management company, and China Tencent’s technical team.
SoftBank’s first Vision Fund, which calculates that Didi is the largest fund, will be worth $ 16bn at the company’s opening price. The price of Uber, acquired in a deal in 2016 when the US company went out of business in China, would have been around $ 9.6bn.
Goldman Sachs, Morgan Stanley and JPMorgan served as co-authors on Didi’s contributions.
Additional reports of Tabby Kinder in Hong Kong
Weekly letter
Your key billions of dollars are being made and lost in the Asia Tech world. A secure menu of exclusive articles, intelligent analysis, intelligent knowledge and the latest technology from FT and Nikkei
Source link
