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Didi Chuxing files for IPO generated $ 6.4 billion in revenue in the first quarter

Ride Hailing Giant Didi logo on a building in Hangzhou, Zhejiang Province, eastern China.

STR | AFP | Getty Images

Chinese Ride Hailing Giant Didi Departs on Thursday Submit to publish It could be one of the biggest technology IPOs of the year.

The company reported revenue of $ 21.6 billion last year. Revenues for the last quarter were $ 6.4 billion. Specifically, the company reported a net profit of $ 837 million prior to certain payments to shareholders, with a quarterly comprehensive net profit of $ 95 million.

Between 2019 and 2020, Covid’s pandemic struck China last year, reducing revenue by almost 10%. However, before the pandemic, revenue increased by 11% between 2018 and 2019. In addition, the pandemic’s recovery is in full swing, with earnings recovering in the first quarter, up 107% year-on-year in the first quarter.

Part of the company’s profitability in the first quarter will be credited to the return on the $ 1.9 billion investment associated with spin-offs and sales.

According to PitchBook data, Didi has recently been valued at $ 62 billion after the August funding round and is backed by major investors such as Softbank, Alibaba and Tencent. Bloomberg reported that the company’s valuation could reach $ 100 billion at the time of the IPO.

This list, which could be one of the world’s largest technology debuts this year, is due to the return of demand from ride-hailing service companies and travel agencies due to the reduction in Covid-19 cases and the deployment of vaccines. That American counterpart, Uber And liftBoth say they will make a profit on an adjusted basis by the end of this year, thanks to the recovery.

Founded in 2012, Diddy said it has 439 million active riders and 15 million annual active drivers annually. Diddy has been named four times on the CNBC Disruptor 50 list.

(The exact name of the company registered in F-1 is Xiaoju Kuaizhi.) Goldman Sachs, Morgan Stanley and JP Morgan are underwriting.

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Didi Chuxing files for IPO generated $ 6.4 billion in revenue in the first quarter

Source link Didi Chuxing files for IPO generated $ 6.4 billion in revenue in the first quarter

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