Benzinga | Apr 9, 2021 02:59PM EDT

SoftBank-Backed China's Uber Equivalent Raises $1.5B Debt Before Its IPO: Bloomberg

* SoftBank Group Corp (OTC: SFTBY) (OTC: SFTBF)-backed Chinese ride-hailing company, Didi Chuxing, also known as the Uber of China, raised $1.5 billion debt from banks as it continues to evaluate a potential listing at a possible $100 billion valuation, Bloomberg reports.

* Didi inked a revolving loan facility with JPMorgan Chase, Morgan Stanley, Goldman Sachs Group, HSBC Holdings, Barclays, and Citigroup.

* Southeast Asia's ride-hailing giant Grab Holdings Inc also closed its upsized $2 billion senior secured term loan offering in Feb.

* Grab is set for a public listing through Altimeter Capital's SPAC (special purpose acquisition company) Altimeter Growth Corp (NASDAQ: AGC).

* Didi is accelerating its efforts to consolidate its presence in autonomous driving.

* Price action: SFTBY shares traded lower by 0.88% at $45.35 on the last check Friday.