Didi Chuxing, the Chinese ride-hailing company, laid out plans to raise as much as $4bn from an initial public offering on the New York Stock Exchange, in what would be one of the largest international listings in years.
The Beijing-based company said it would offer 288m American Depositary Shares at a price range of between $13 and $14, according to an updated prospectus. Each ADS translates to four shares of the company’s class A stock.
Morgan Stanley and Singapore’s Temasek have indicated interest in purchasing up to $1.25bn in combined stock in the IPO, or about one-third of the total offering at the middle of the price range. Morgan Stanley is also serving as a lead underwriter on the IPO, and Temasek is a longtime investor in Didi.