China’s Dida to raise up to $35 million in Hong Kong IPO

Chinese ride-share app operator, Dida, has initiated an IPO in Hong Kong, aiming to raise up to HK$273.7 million ($35.06 million), according to regulatory filings released on Thursday.

The company plans to sell 39.1 million shares in a price range of HK$5 to HK$7 per share, as stated in the documents.

Final pricing for the IPO is scheduled for June 26, with trading expected to commence two days later, according to a term sheet reviewed by Reuters.

The number of shares being offered represents 3.9% of the total shares in the company, with an option to sell an additional 5.86 million shares.

If the shares are sold at the top of the price range, Dida will have a market capitalization of approximately $900 million following the IPO.

Dida is a smaller competitor to Didi, which raised $4.4 billion in a New York IPO in 2021 but later delisted due to investigations by Chinese authorities into its overseas listings.

(Note: $1 = 7.8063 Hong Kong dollars)