Chinese ride-hailing giant Didi Chuxing went public on the New York Stock Exchange on Wednesday night with an issue price of $14, meaning that the company’s market value is expected to reach about $67 billion.
Didi could possibly raise as much as $4.64 billion with the IPO, Chinese media outlet Sina Finance reported.
Didi said it will use 30% of the money to expand its business in international markets. About 30% of the fund goes to improving technology capabilities in various aspects including ride-sharing, electric cars and autonomous driving. About 20% is used to launch new products and expand existing product categories to continuously improve the user experience. The remainder may be used for other potential strategic investments.
Didi’s IPO today was very low-key, with no internal celebrations or launch ceremonies.