Didi Global shares spike in opening NYSE trade
Shares opened for trading at $16.65 after pricing at $14
UBS Global Wealth Management head David Lefkowitz argues the Fed isn't offering any indications that the bull market is ending.
Didi Global Inc. shares surged 19% Wednesday in their opening trade on the New York Stock Exchange.
Shares of the China-based ride-hailing giant opened for trading at $16.65 after pricing at $14 on Tuesday evening. They were expected to price between $13 and $14 apiece.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| DIDI | NO DATA AVAILABLE | - | - | - |
Strong demand allowed Didi to sell 316.8 million American depository shares (ADS), up from the planned 288 million shares. One Didi ADS is equal to 25% of one ordinary share. The ADS trade under the ticker symbol DIDI.
Wednesday’s U.S. IPO raised $4.4 billion and valued the company at $73 billion on a fully diluted basis. Didi plans to use the proceeds from its IPO to invest in technology and to fund international growth.
The IPO was the second largest by a Chinese company on a U.S. exchange, trailing only Alibaba’s $25 billion debut in 2014. The offering was led by Goldman Sachs Group Inc., Morgan Stanley and JPMorgan Chase & Co.
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Didi's largest investor is Japanese conglomerate SoftBank, which owns a 20.2% stake. Uber, which exited China after losing out to Didi, controls 12%. China's Tencent holds 6.4%.