China's Didi Chuxing is eyeing a mega-IPO next quarter that values the ride-hailing service above $62 billion, report says
- China's Didi Chuxing is speeding up plans for its market debut and targeting a valuation above $62 billion.
- The ride-hailing firm is targeting the summer of 2021 for its IPO, rather than the latter part of the year, Bloomberg said.
- Japanese conglomerate SoftBank is Didi's single largest existing investor.
Chinese ride-hailing firm Didi Chuxing is said to be speeding up plans for its initial public offering to make the most of the post-pandemic environment, according to Bloomberg.
Didi is aiming for an IPO as early as this summer, at a valuation above the $62 billion it secured at its last funding round, making it one of China's most valuable tech firms, Bloomberg said, citing sources.
The company brought forward its IPO plans by a quarter, owing to China's lead in controlling the COVID-19 crisis. It was previously targeting late 2021. But plans are in early stages, timing is still uncertain, and a venue for its market debut hasn't been decided yet.
If Didi lists its shares in Hong Kong, the company could raise about $9 billion, potentially making its IPO one of the largest tech debuts of 2021, Bloomberg said.
Japan's SoftBank, the biggest investor in China's ride-hailing leader, would count Didi's IPO as another victory, after profiting from a number of other high-value market debuts including Coupang and DoorDash.
The company is also said to be expanding its business by pushing into European markets. Bloomberg reported last month it could roll out its ride-hailing service in the UK, France, and Germany by the first half of 2021.
Didi didn't immediately respond to Insider's request for comment.