HK IPO in 2021 with Target Valuation of $60B? Didi Chuxing Refutes Claim

Leading Chinese ride-hailing platform Didi Chuxing was said to seek filing for an initial public offering in Hong Kong with a target valuation of $60 billion, Reuters reported, citing people familiar with the matter. Didi Chuxing later refuted the rumor, repudiating any conjecture about the company’s IPO schedule.

This is not a first for the market to witness a Didi Chuxing IPO rumor.

The company was said to go public as early as 2016 when Bloomberg cited people familiar with the matter that Didi Chuxing was aiming for an IPO in New York the following year. “We don’t have any such plan or schedule,” Didi Chuxing’s spokesperson said in a statement.

SEE ALSO: Didi Chuxing Issues 100M Yuan Driver Subsidy on the Most Difficult Day for Ride-Hailing in 2020

Forbes in December 2018 reported that Didi was looking to IPO in early 2019 with a valuation $80 billion and Pandaily on July 12 reported that Didi was planning for a HK$600 billion IPO by the end of 2020.

The Beijing-based company is backed by investment giants including Tencent, Alibaba and Softbank.

Established in July 2012, the ride-hailing giant has gone through 19 rounds of financing, with the latest round being the strategic round worth $600 million, supported by Toyota in July 2019.