Uber Rival and China’s Ride Sharing Giant Didi Files IPO

Chinese ride-sharing giant Didi Chuxing has filed to go public on Thursday, in what could be one of the largest tech IPOs of this year.

Founded in 2012, Didi said it has 493 million annual active riders, and 15 million annual active drivers. Didi was named to the CNBC Disruptor 50 list four times.

In its filing, the company listed a net income of $837 million before certain payouts to shareholders. The company also reported a small profit this past quarter on $6.4 billion in revenue.

Didi was most recently valued at $62 billion following an August fundraising round, according to PitchBook data.

The company is backed by investment giants such as SoftBank, Alibaba and Tencent.

According to a Bloomberg report, the company could have a $100 billion valuation at the time of its IPO.

Compared to rival Uber, Didi is still heavily invested in making self-driving robotaxis a reality. The company has received approval to test self-driving vehicles in Beijing.

Uber had sold its nascent self-driving technology business to start-up Aurora Innovation last December.

Beijing-headquartered Didi operates a smartphone app where users can hail rides, as well as regular taxis and carpooling services. Didi is known for successfully pushing Uber out of China.

The company has not yet selected an exchange but said it plans to list its American depositary shares under the symbol DIDI.

Disclaimer: We have no position in any of the companies mentioned and have not been compensated for this article.