Chinese ride-hailing company Didi Chuxing has filed for an initial public offering (IPO) in the US, says Bloomberg. It was always expected to list at some stage, but the end of Covid-19 has prompted the company to accelerate its plans. It wants to raise some cash to help pay for its continued expansion and hopes to achieve a valuation of $70bn-$100bn.
At first glance, Didi’s hope of a $100bn valuation “does not seem too far-fetched”, says Lex in the Financial Times. It would value the company at around five times 2020 revenues, lower than the eight times Uber and Lyft command.
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