Didi Global Inc., the Beijing-based ride-hailing company, is targeting a valuation of $62 billion to $67 billion in its IPO, according to its latest public filing.
The fully diluted valuation, which typically includes restricted stock units, could eclipse $70 billion, people familiar with the matter told The Wall Street Journal.
Didi is looking to raise $3.9 billion in the initial public offering by selling 288 million American depositary shares, assuming they price at the midpoint of its targeted range of $13 to $14 per ADS, the filing said.
Didi, which recently changed its corporate name, has said it would use the money it raises to invest in technology, grow its business outside of China and introduce new products.
Much like Uber Technologies Inc. in the U.S., China’s Didi operates a smartphone app where users can hail rides, regular taxis and carpooling services. Didi is known for successfully pushing Uber out of China, winning a harsh price war that ended in 2016 when Uber merged its China unit with Didi in exchange for a stake in Didi.