China’s Didi adds banks to work on mega US IPO

HONG KONG: China’s biggest ride-hailing company Didi Chuxing has appointed five more investment banks to work as book runners on its US initial public offering (IPO) worth up to $10 billion, sources with direct knowledge of the matter said.

Didi, whose IPO could be the largest by a Chinese firm in the United States in seven years, has given mandates to Bank of America, Barclays, China International Capital Corp (CICC) Citigroup and HSBC Holdings as book runners on the deal, the sources said.

Didi not respond to a request for comment from Reuters. Bank of America, Barclays, CICC, Citigroup and HSBC declined to comment on the appointment.

Reuters reported on Thursday that China’s market regulator had begun an antitrust probe into Didi, three people with knowledge of the matter said.