China’s Didi ropes in five more banks to work on mega US IPO

REUTERS/Carlos Jasso

China’s biggest ride-hailing company Didi Chuxing has appointed five more investment banks to work as book runners on its US initial public offering (IPO) worth up to $10 billion, sources with direct knowledge of the matter said.

Didi, whose IPO could be the largest by a Chinese firm in the United States in seven years, has given mandates to Bank of America , Barclays, China International Capital Corp (CICC) Citigroup and HSBC Holdings as book runners on the deal, the sources said.

Didi not respond to a request for comment from Reuters. Bank of America, Barclays, CICC, Citigroup and HSBC declined to comment on the appointment.

Reuters reported on Thursday that China’s market regulator had begun an antitrust probe into Didi, three people with knowledge of the matter said.

The company said of that issue that it would not comment on “unsubstantiated speculation” from unnamed sources.

The syndicate expansion was first reported by IFR.

The bank have been appointed in junior roles, which means they will work alongside Goldman Sachs, Morgan Stanley and JPMorgan leading the deal, according to the firm’s filings with the U.S. Securities and Exchange Commission (SEC).

China Renaissance is listed on the filing as a co-manager of the IPO.

Reuters previously reported Didi could raise up to $10 billion in an IPO that would value the firm at up to $100 billion. [nL1N2LM0V7.

At that size, it would be the largest IPO by a Chinese company in the United States since Alibaba raised $25 billion 2014.

Reuters

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.