DiDi, the Chinese top ride-hailing company, has filed secretly with the U.S. Securities and Exchange Commission for an initial public offering, people familiar with the matter said. The company plans to raise billions of dollars in the IPO, appointing Goldman Sachs and Morgan Stanley as underwriters.

The value of DiDi could be at as much as $70 billion to $100 billion, and the size and timing of the IPO could still change, people familiar with the matter said. DiDi is also exploring the possibility of a dual listing in Hong Kong later.

A representative for DiDi declined to comment. So did Goldman Sachs, and Morgan Stanley did not immediately respond.

DiDi, backed by SoftBank, has accelerated its IPO plans as its business rebounded after COVID-19. Bloomberg reported earlier that DiDi was planning to raise $1.5 billion in debt financing from banks to support a possible U.S. listing.

A person close to the IPO says there is great certainty of a third-quarter listing, but it will ultimately depend on the majority shareholder. SoftBank is DiDi’s current largest shareholder.

Source: https://www.bloomberg.com/news/articles/2021-04-09/didi-chuxing-is-said-to-have-filed-confidentially-for-u-s-ipo-knaqvotf