Gadget

Didi Chuxing submits file for IPO

The logo of Didi, a major vehicle dispatcher, on a building in Hangzhou, Jiang Province, eastern China.

STR | AFP | Getty Images

Chinese ride giant Didi Chuxing on Thursday Submitted for publication One of the biggest tech IPOs of the year and major shareholders Uber and SoftBank could win.

The company reported revenue of $ 21.6 billion last year. In addition, revenue for the quarter was $ 6.4 billion, which was profitable. Specifically, net income before certain payments to shareholders was $ 877 million and overall net income for the quarter was $ 95 million.

After selling its Chinese ride-hailing service business to Didi in 2016, Uber owns a 12.8% stake in the company and SoftBank’s Vision Fund holds a 21.5% stake.

Between 2019 and 2020, Didi’s revenue fell by almost 10% as Covid’s pandemic struck China last year. However, prior to the pandemic, revenue increased 11% between 2018 and 2019. In addition, as the pandemic recovery is in full swing, revenue recovered in the first quarter and grew 107% year-on-year in the first quarter.

Part of the company’s profitability in the first quarter will be due to a $ 1.9 billion return on investment related to spin-offs and divestments.

By comparison, Uber reported a net loss of $ 108 million for revenue of $ 2.9 billion. First quarter. for Everything in 2020Uber’s net loss amounted to $ 6.77 billion against $ 11.14 billion in revenue.

According to PitchBook data, Didi’s most recent valuation was $ 62 billion in the August funding round, backed by investment giants such as SoftBank, Alibaba and Tencent. Bloomberg reported that the company’s valuation at the time of its IPO could be $ 100 billion.

The list, which could be one of the world’s largest technology debuts this year, is due to the return of demand for ride-hailing services and travel agencies due to the decline in Covid-19 cases and the deployment of vaccines. , Uber And liftBoth said they would be profitable on an adjusted basis by the end of this year, thanks to the recovery.

Didi acquired Uber’s Chinese business in 2016 and made a complex deal, with the two companies acquiring shares in each other. Didi said it sold all of Uber’s shares in November and December last year.

Founded in 2012, Didi has 439 million active riders and 15 million active drivers annually. Didi has been selected four times on the CNBC Disruptor 50 list.

(The exact name of the company registered in F-1 is Xiaoju Kuaizhi.) Goldman Sachs, Morgan Stanley and JP Morgan are undertaking.

Register with CNBC on YouTube.

https://www.cnbc.com/2021/06/10/didi-chuxing-files-for-ipo-booked-6point4-billion-revenue-in-q1.html Didi Chuxing submits file for IPO

Back to top button