June 30 (Reuters) - Didi Global Inc (DIDI.N) shares ended their first day of U.S. trading slightly over their initial public offering (IPO) price, val

China's Didi worth $68 billion after U.S. debut

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2021-07-01 10:30:14

June 30 (Reuters) - Didi Global Inc (DIDI.N) shares ended their first day of U.S. trading slightly over their initial public offering (IPO) price, valuing the ride-hailing giant at $68.49 billion in the biggest U.S. listing by a Chinese company since 2014.

The stock market debut vindicated Didi's decision to moderate its valuation expectations, after investors raised concerns over the pace and profitability of its expansion in new services and foreign markets. Reuters reported in March that Didi was hoping the IPO could value it at as much as $100 billion.

SoftBank-backed (9984.T) Didi's stock opened at $16.65, significantly higher than its $14 IPO price. The shares slid in the early afternoon after reaching an $18 high.

Didi had priced an upsized offering of 316.8 million American depositary shares at the upper end of its $13 to $14 range, raising $4.4 billion. read more

Didi is the latest in a string of Chinese companies seeking to capitalize on the frothy valuations of the U.S. stock market. About 29 Chinese firms raised $7.6 billion in U.S. IPOs in the first six months of the year, according to Refinitiv data. This is despite the ongoing economic tensions between the United States and China, as well as U.S. concerns over the quality of the auditing of Chinese companies' financial statements.