Didi Chuxing information for an IPO and posted gross sales of $ 6.four billion within the first quarter
A logo of the ride-hailing giant Didi Chuxing can be seen on a building in Hangzhou in the eastern Chinese province of Zhejiang.
STR | AFP | Getty Images
Chinese ride-hailing giant Didi Chuxing filed for an IPO in what may be one of the largest technology IPOs this year on Thursday.
The company had sales of $ 21.6 billion last year. The company posted revenues of $ 6.4 billion in the past quarter. Specifically, the company reported net income of $ 837 million before certain payouts to shareholders and total income of $ 95 million for the quarter.
Between 2019 and 2020, sales shrank nearly 10% when the Covid pandemic hit China hard last year. However, before the pandemic, sales rose 11% between 2018 and 2019. Additionally, sales rebounded in the first quarter as the pandemic recovery is in full swing, with first quarter growth of 107% year over year.
Part of the company’s profitability in the first quarter was due to gains on investments of $ 1.9 billion related to spin-offs and divestments.
According to PitchBook data, Didi was valued at $ 62 billion after a fundraising round in August. Bloomberg reported that the company could have a valuation of $ 100 billion at the time of going public.
Didi was founded in 2012 and claims to have 493 million active drivers per year and 15 million active drivers per year. Didi has been inducted on the CNBC Disruptor 50 list four times.
(The exact name of the company registered on the F-1 is Xiaoju Kuaizhi.)
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