Chinese ride-hailing giant Didi Chuxing updated its F-1 prospectus on Thursday, saying it plans to list the equivalent of 72 million shares of Class A common stock on the New York Stock Exchange under ticker symbol DIDI.
Details: The filing, originally submitted on June 11, also revealed that Didi anticipates listing shares between $13 and $14 apiece, which values the company at more than $60 billion.
At the upper end of its indicated price range, the company expects to raise more than $4 billion in its IPO, which could be one of the largest this year.
The company reported $21.6 billion in revenue last year. It also posted a profit this past quarter on $6.4 billion in revenue. Specifically, the company reported a net income of $837 million before certain payouts to shareholders, and a comprehensive net income of $95 million for the quarter.
Context: Citing sources familiar with the matter, Reuters reported last week that China’s top market regulator, the State Administration for Market Regulation (SAMR), is investigating whether Didi used any competitive practices that squeezed out smaller rivals unfairly.
Founded in 2012, the company said it has 493 million annual active riders and 15 million annual active drivers. Didi's CEO Cheng Wei said last year the company aimed to complete 100 million orders a day and have 800 million monthly active users globally by 2022.
Uber owns 12.8% of the shares in the company after selling its Chinese ride-hailing business to Didi in 2016, while SoftBank's Vision Fund holds 21.5%.