Chinese ride hailing company Didi raised $4.4 billion in its US initial public offering (IPO) which priced it at the top of its indicated range according to Reuters.
The Uber rival sold 317 million American Depositary Shares (ADS) instead of the planned 288 million, with each share priced at $14.
This means that Didi would be valued at around $73 billion on a fully diluted basis and slightly lower at $67.5 billion on a non-diluted basis.
According to Reuters, the company decided to increase the deal size after the investor order book was oversubscribed multiple times over.
Didi initially aimed for an a valuation of $100 billion however its IPO listing is more conservative, with the size of the deal being cut down during investor briefings.
Investors were hesitant over the $100 billion target as there are growing concerns over the ride-hailing industry and the chance of incoming regulations from transport authorities.
Didi was also subject to an antitrust probe earlier this month, which raised uncertainty over the upcoming listing.
The listing will be the biggest US share sale from a Chinese company since ecommerce giant Alibaba raised $25 million in 2014.
The company was founded in 2012 by a former Alibaba employee and counts Uber as one of its backers.
Didi successfully took Uber’s crown in China as the county’s leading ride hailing company which led to Uber selling its Chinese operations to Didi for a stake in the business.