China based ride hailing company operating passenger transportation platform Didi Global Inc. (DIDI) announced having fetched a staggering $4.4 billion from its U.S initial public offering held on June 29.
The company sold 317 million American Depositary shares (ADS) with each share going for $14. Earlier on, Didi had said that it would be floating 288 ADS in the IPO.
This IPO leaves the Chinese company with a market valuation of about $73 billion on a fully diluted basis and $67.5 billion on a non-diluted basis.
An insider source revealed that the decision to increase the IPO size was arrived at after Didi’s investor order book was oversubscribed several times. Shares of the company will start trading on the New York Stock Exchange under the ticker symbol ‘DIDI’.
Initially, the company was targeting a valuation of $100 billion following the IPO, however, the company scaled down this valuation targeted during briefings with investors ahead of the IPO’s launch.