Tiger Global Notches $1 Billion Win on Ride-Hailing App Didi
- Coleman’s hedge fund has 1.5% stake in Chinese company
- Didi started trading Wednesday, raised $4.4 billion in IPO
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Tiger Global Management’s early wager on Didi Global Inc., China’s Uber, is paying off. Its investment is now worth more than $1 billion.
Chase Coleman’s firm amassed a 1.5% stake in Didi before the ride-hailing app made its trading debut in the second-largest U.S. initial public offering by a Chinese company on record. Shares were priced at $14, raising $4.4 billion in the offering and giving the company a market value of more than $67 billion. Didi opened at $16.65 on Wednesday but ended the trading day at $14.14.