https://techcrunch.com/2021/06/30/for-us-and-chinese-startups-the-ipo-market-is-increasingly-a-two-tier-affair/

The American IPO market is hot for many companies, but surprisingly cool for others. The gap between the two cohorts of private companies looking to list is becoming notable.

When Chinese ride-hailing giant Didi first set an IPO price range, The Exchange was curious about why the company felt so inexpensive. Compared to its American comps, shares in Didi simply felt underpriced at its proposed valuation interval. Recently, Didi stuck to its initial expectations by pricing at $14 per share, the upper end of its range, but no higher.