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Didi Chuxing plans to spinoff its car services unit aiming to raise up to $1.5 billion

Jul 17, 2018, 5:00 am

Didi Chuxing has planned to come up with a new car services unit of its own in a deal that’s worth up to $1.5 billion.

According to people with knowledge on the matter, this comes right before Didi’s initial public offering, which is yet another recent plan revealed by the company. The target via establishing the new unit is to raise between $1 billion and $1.5 billion.

For accomplishing this, the company has already tapped its investors that include SoftBank. The unit will be focusing on car rental and maintenance services. Additionally, it will benefit drivers in providing them with optimized gas station deals.

Didi’s upcoming unit is valued by the parent company at between $2 billion and $3 billion. The company declined to comment on the matter, and SoftBank did not immediately respond the request for comment. Due to the confidential nature of this report, people familiar with the matter kept themselves anonymous.

Regarding its IPO, the biggest Chinese ride-hailing service provider did not officially confirm the plan yet. As per experts, it is going to be one of the biggest IPOs in recent years, based on its present valuation of $56 billion.

That’s all we have for now on this, but stay tuned with us to follow the development.

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