By Levi Sumagaysay
Ride-hailing company Didi Global Inc. priced its initial public offering at $14 a share, according to media reports Tuesday night.
China-based Didi /zigman2/quotes/227703899/composite DIDI -1.82% had said in its IPO filing that it expected to price its shares at $13 to $14. At $14 a share, the company’s valuation would exceed $67 billion, and on a fully diluted basis would be more than $70 billion. Didi shares are set to start trading on the New York Stock Exchange under the symbol DIDI on Wednesday.
Didi is going public after a whirlwind roadshow of three business days, according to the Wall Street Journal , which cited people familiar with the matter when it reported the company’s IPO price and said it had sold more shares than it intended.
See: Didi IPO: 5 things to know about the ride-hailing giant as it seeks to raise nearly $4 billion
Didi, which has 377 million annual active users of its services in China and operates in 15 other countries, will have a market capitalization second to that of Uber Technologies Inc. /zigman2/quotes/211348248/composite UBER +11.74% , its biggest rival.
Uber, which ceded the Chinese market to Didi several years ago, owns a roughly 12% stake in its competitor. Other investors scheduled for a payday after Didi’s public offering include SoftBank Group /zigman2/quotes/207303954/delayed JP:9984 -4.98% and Tencent Holdings /zigman2/quotes/204605823/delayed HK:700 -0.92% .