Didi Global Inc.’s stock soared more than 20% in its first day on the New York Stock Exchange on Wednesday, riding a wave of initial public offerings ahead of the Fourth of July holiday. Didi DIDI, +9.79 percent began at $16.65 per share after announcing an offering price of $14 per share. It raised $4.4 billion by selling 316.8 million shares, which was higher than the 288 million American depositary shares it had expected to sell. The IPO took place on a day when at least ten businesses, including legal-tech firm LegalZoom.com Inc. LZ, +35.61 percent, and cybersecurity firm SentinelOne Inc. S, +24.43 percent, had their trading debuts.
The company’s market capitalization was over $77 billion when trading began, putting it behind its American equivalent, Uber Technologies Inc. UBER, -0.56 percent, which has a market capitalization of around $95 billion. Didi, which was started in China in 2012 and purchased Uber’s Chinese company in 2016, has grown to service 377 million yearly active users in China alone, as well as operating in 15 other countries. Aside from ride-hailing, the corporation also has delivery and freight companies, among other things. For further information, go to: Didi: 5 Things to Know Before She Goes Public Didi does not have a ride-hailing business in the United States, but it does have a Silicon Valley research and development unit that is mostly focused on autonomous vehicles./n
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