Ride-hailing giant Didi Chuxing Technology late Thursday revealed plans for an initial public offering that’s expected to raise billions of dollars. The Didi IPO will trade in the U.S. in July.
Didi filed under its formal name, Xiaoju Kuaizhi, and is based in Beijing. The Didi IPO could receive a valuation upward of $70 billion, according to a Wall Street Journal report.
According to the Didi IPO filing, the company has 493 million annual active customers and operates in 15 countries.
Didi IPO Filing: Long List Of Transportation Services
“We are the go-to brand in China for shared mobility, providing consumers with a comprehensive range of safe, affordable and convenient mobility services,” according to the Didi IPO filing.
In addition, this includes ride hailing, taxi hailing, chauffeur and other forms of shared mobility. It manages 41 million average daily transactions. The company launched in 2012.
It expects the China mobility market to reach $3.9 trillion by 2040. Didi claims to be the world’s largest mobility company.
Uber stock was unchanged in after-market trading.
Please follow Brian Deagon on Twitter at @IBD_BDeagon for more on tech stocks, analysis and financial markets.
YOU MAY ALSO LIKE:
Need Your Help Today. Your $1 can change life.