Xiaoju Kuaizhi (DiDi Chuxing), China's largest taxi app operator, filed on Thursday with the SEC to raise up to $100 million. However, this is likely a placeholder for a deal we estimate could raise $10 billion.
The company states that is is the world's largest mobility technology platform and the go-to brand in China for shared mobility, providing a range of mobility services, including ride hailing, taxi hailing, and other forms of shared mobility. DiDi operates in nearly 4,000 cities, counties, and towns across 15 countries, serving over 493 million annual active users and powering 41 million average daily transactions for the twelve months ended March 31, 2021.
The Beijing, China-based company was founded in 2012 and booked $25.6 billion in revenue for the 12 months ended March 31, 2021. It plans to list on either the NYSE or the Nasdaq under the symbol DIDI. Xiaoju Kuaizhi (DiDi Chuxing) filed confidentially on April 9, 2021. Goldman Sachs (Asia), Morgan Stanley, J.P. Morgan, and China Renaissance are the joint bookrunners on the deal. No pricing terms were disclosed.
