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By Shubhangi Mathur, 1:41 PM ET
Didi Global Inc,(DIDIY) the Chinese ride hailing company, raised $4.4 billion in its US IPOselling more shares than planned, the company said.
The companyhad planned on selling 288 American Depository Shares (ADS) , but sold 316.8million, at $14 apiece.
Didi nowhas a valuation of about $73 billion on fully diluted basis and $67.5 billionon a non-diluted basis.
As the IPOwas oversubscribed multiple times, the number of shares to be sold wasincreased, reported Reuters. Didi is expected to debut on the New York StockExchange on June 30.
The listingof Didi is the biggest US share sales by a Chinese company since Alibaba andcomes at a time when US stock market is volatile and has record IPO activity.
The volatile IPO environment helped to lower (Didi)IPO price and valuation looks attractive, said Douglas Kim, aLondon-based independent analyst, who writes on Smartkarma.
(Withinputs from Reuters)