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Didi riding app
Kiyoshi Ota / Bloomberg
China-based tour sharing company Didi Chuxing is reportedly considering an initial public offering as early as the second quarter of this year, setting up another payday that could be a big hit for SoftBank, the largest start-up investor.
According to Bloomberg, Didi is aiming for a valuation north of its latest round valuation of $ 62 billion. The report, cited by people familiar with Didi’s plans, noted that the company has accelerated its IPO plans after a recent backlash as China’s economy began to recover. Covid-19 pandemics. Per Bloomberg, the company may choose to list in Hong Kong, although no final decision has been made.
Didi did not answer Barron’s request for comment.
SoftBank Group
(ticker: SFTBY) Didi has about 20%, Barron’s learned, which makes it Didi’s single largest investor. At a valuation of $ 60 billion, the bet was worth around $ 12 billion.
SoftBank and its flagship venture capital portfolio, the Vision Fund, have benefited from a number of recent events, including the food delivery service.
DorasDash
(DASH) and Korean e-commerce giant
Coupang
(CPNG).
SoftBank was also invested in the Indonesia e-commerce company Tokopedia, which confirmed that they were considering leaving. Compass real estate company, another SoftBank holder, recently applied for an original offer.
According to Crunchbase, Didi has raised $ 21.2 billion in venture capital. In addition to SoftBank, investors in Didi include
Toyota Motor
(TM),
Take place
(BKNG), and investment firms Matrix Partners and Mubadala Capital, among others.
SoftBank shares closed Friday 1.7%, to $ 45.20.
Write to Eric J. Savitz at [email protected]