China’s leading online taxi company DDT is secretly applying for an initial public offering (IPO) in the United States, with the goal of completing the filing by April and listing on the New York Stock Exchange (NYSE) in July at the earliest, in what is expected to be the largest IPO of a Chinese company in the United States in recent years. Sources said that in this IPO case, the overall valuation of DDT was assessed to be between $70 billion and $100 billion.
According to a Central News Agency report today, Drip secretly applied for an IPO in the U.S., the largest case of a Chinese company.
According to the report, in the era of the Trump administration, due to the financial fraud case of China’s Ruixing Coffee listed in the U.S. stock market, coupled with the U.S.-China relationship in the doldrums, the U.S. side has tended to tighten its regulation and IPO review of listed Chinese companies, and there are even rumors of expelling Chinese companies from the U.S. stock market. And whether DDT can successfully list in the U.S. stock market is considered one of the indicators of whether this tension can be thawed.
According to the news, DDT is secretly filing IPO-related documents with the U.S. Securities and Exchange Commission (SEC) and has appointed Goldman Sachs and Morgan Stanley as underwriters for the IPO. According to sources, DDT expects to raise billions of dollars through the IPO. While the IPO is being filed in the U.S., DDT is also seeking up to $1.5 billion in debt financing from a group of banks.
The Central News Agency said, but the news did not mention which Chinese and foreign banks DDT is to obtain such a large amount of debt financing. And DDT has not responded to the issue until press time.
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