Chinese ride-hailing giant Didi Chuxing has filed confidentially for a U.S. IPO that could give it a valuation of $70 billion to $100 billion, according to a published report Friday.
Didi Chuxing is planning to raise several billion dollars in the offering, Bloomberg reported, citing people with knowledge of the matter.
Didi Chuxing recently tapped Goldman Sachs Group Inc. and Morgan Stanley as underwriters. The timing and size of a listing may still change, according to the report.
The company, which is backed by Alibaba, Tencent and SoftBank, is poised to be the largest IPO in the U.S. since Alibaba’s own debut in 2014, Reuters reported recently.
Didi Chuxing is also considering dual listing in Hong Kong, according to the Bloomberg report.
Didi Chuxing reportedly is raising $1.5 billion in debt financing ahead of its planned IPO, Bloomberg reported.
Ride hailing companies have been hit hard by the COVID-19 pandemic, but have seen their food delivery services benefit as more people stay at home and order out.
Still, Uber’s path to profitability remains bumpy, as TheStreet.com’s Jim Cramer recently noted.
Shares of Uber fell 15 cents Friday, or 0.26%, to end at $57.68.
Tencent Holdings (TCEHY) lost $1.02, or 1.26%, to $79.42.
SoftBank Group (SFTBY) shares fell 28 cents, or 0.6%, to $45.47.
In the broader markets, U.S. stocks ended at record closing highs as investor shrugged off inflation concerns to focus on growing hopes for an energetic economic recovery as COVID-19 vaccinations rise.