Fresh off the back of a $1 billion USD injection from Apple, Didi Chuxing is now considering a 2017 IPO, according to sources who spoke to Bloomberg.
The Chinese ride-hailing giant is eying a New York listing as soon as next year in a bid to outpace Uber, their top global competitor, said the source. Didi is in the process of sealing a $3 billion USD round which could value the company at around $26 billion USD.
Didi Chuxing “does’t have any such plan or schedule,” according to a statement from the company today referring to the IPO rumors.
An IPO could add significantly to the company’s war chest as they seek to expand globally in markets already dominated by Uber. The company’s new involvement with Apple could also fast-track the company’s U.S. entry, which previously relied on a strategic partnership with Lyft.
The potential IPO could also be the biggest China tech listing in the U.S. since one of Didi’s core backers, Alibaba, listed on the NASDAQ for $25 billion USD in late 2014. Since 2014, enthusiasm for U.S. listing among Chinese tech companies has dwindled, with several high-profile Chinese companies choosing to de-list in favor of local markets, including Qihoo 360 and Momo.
According to Bloomberg’s sources, the timing of Didi’s IPO could ultimately still depend on how their battle with Uber plays out. Uber CEO Travis Kalanick has said publicly in the past that the U.S. ride-hailing company will hold off plans for an IPO as long as possible.