#Asia Watch this space: Didi Chuxing reportedly eyes for US IPO in 2017

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The plan comes following the company’s recent investment from Apple

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Chinese ride-hailing app Didi Chuxing is currently planning for an initial public offering (IPO) in the US following its recent funding round from Apple, according to a report by Bloomberg.

Citing a person ‘familiar with the matter’ that refused to be named, Didi Chuxing is claimed to look for IPO in early 2017, with the exact timing depending on how the competition with Uber plays out.

The move is believed to put the company ahead of its rival in the timing of going public, as Uber had said it wants to hold off on IPO plans for as long as possible.

Didi Chuxing reportedly declined to comment on any potential IPO.

Also Read: Uber deals blow to Didi’s global alliance, extends Alipay partnership worldwide

The same source also claimed Didi Chuxing is in the process of raising about US$3 billion of funding, including Apple’s US$1 billion contribution, which has swelled the company’s valuation to about US$26 billion. The source also said the company has reached the ‘break even’ mark in about half of the 400 Chinese cities in which it operates.

With the company’s current valuation, it is believed that a US IPO could be the biggest by a Chinese company since Alibaba’s record offering in 2014.

Image Credit: Jordan McQueen on Unsplash

The post Watch this space: Didi Chuxing reportedly eyes for US IPO in 2017 appeared first on e27.

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