Chinese ride-sharing giant Didi files to go public, earned a small profit last quarter on $6.4 billion in revenue

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A logo of ride-hailing elephantine Didi Chuxing displayed connected a gathering successful Hangzhou successful China's eastbound Zhejiang province.

STR | AFP | Getty Images

Chinese ride-hailing elephantine Didi Chuxing connected Thursday filed to spell public successful what could beryllium 1 of the largest tech IPOs of this year.

The institution reported $21.6 cardinal successful gross past year. It besides posted a nett this past 4th connected $6.4 cardinal successful revenue. Specifically, the institution reported nett income of $837 cardinal earlier definite payouts to shareholders, and broad nett income of $95 cardinal for the quarter.

Between 2019 and 2020, gross shrunk astir 10% arsenic the Covid pandemic struck China hard past year. However, anterior to the pandemic, gross grew 11% betwixt 2018 and 2019. Additionally, gross has bounced backmost successful the archetypal 4th arsenic the pandemic betterment is successful afloat swing, with 107% maturation successful Q1 from the erstwhile year's quarter.

Some of the company's profitability successful Q1 tin beryllium credited to gains connected investments of $1.9 cardinal related to spin-offs and divestments.

Didi was astir precocious valued astatine $62 cardinal pursuing an August fundraising round, according to PitchBook data, and is backed by concern giants specified arsenic SoftBank, Alibaba and Tencent. Bloomberg reported the institution could person a $100 cardinal valuation astatine the clip of its IPO.

The listing, which could beryllium 1 of the largest tech debuts globally this year, comes arsenic request for ride-hailing and question companies instrumentality owed to a alteration successful Covid-19 cases and a rotation retired of vaccines. Its American counterparts, Uber and Lyft, person some said they'll beryllium profitable connected an adjusted ground by the extremity of this year, acknowledgment to the recovery.

Founded successful 2012, Didi said it has 493 cardinal yearly progressive riders, and 15 cardinal yearly progressive drivers. Didi has been named to the CNBC Disruptor 50 database 4 times.

(The precise sanction of the institution arsenic registered connected the F-1 is Xiaoju Kuaizhi.) Goldman Sachs, Morgan Stanley and J.P. Morgan are underwriting.

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