China's Didi will reportedly price IPO above expected range

Beachbody launches IPO; CEO calls it ‘dream come true’

Beachbody CEO, chairman and co-founder Carl Daikeler reflects on his company’s first day of public trade.

Chinese ride-hailing company Didi Global Inc. is planning to price shares in its U.S. initial public offering at or above the top end of its indicated range, according to a report. 

Didi plans to sell 288 million American depositary shares at a price between $13 and $14 apiece. One Didi ADS is equal to 25% of one ordinary share. 

The company would raise about $4 billion at the top end of the range and nab a valuation of more than $67 billion. 

USED CAR PRICE BUBBLE IS ABOUT TO BURST

The order book for the IPO is oversubscribed by multiple times, according to Reuters. 

The final pricing is expected to occur following the close of U.S. markets on Tuesday.

Didi will use the proceeds from the offering to invest in technology and fund international growth, among other things, according to its regulatory filing. 

Didi’s IPO is expected to trail only Alibaba’s $25 billion debut in 2014 for a Chinese company listing on an American exchange. 

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The offering is being led by Goldman Sachs Group Inc., Morgan Stanley and JPMorgan Chase & Co. 

Didi shares will trade on the New York Stock Exchange under the ticker symbol DIDI. 

Herald morning quiz: June 30

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PHOTOS: Slain Arvada police Officer Gordon Beesley mourned with funeral, procession – The Denver Post

The funeral for slain Arvada police Officer Gordon Beesley started at 10 a.m. on Tuesday at Flatirons Community Church in Lafayette. The service is closed to the public.

Jefferies Financial Stock Up 8% On Quarterly Results

Shares of Jefferies Financial Group Inc. (JEF) are currently gaining over 8% on Tuesday morning, after reporting increased profit and revenues for the second quarter, reflecting continued strength in investment banking.

JEF is currently trading at $34.62, up $2.66 or 8.31%, on the Nasdaq. In the 52 week period, the stock has traded between $14.87 and $34.98.

Net income for the second quarter rose to $352.6 million or $1.30 per share, up from $44.9 million or $0.16 per share last year. Net revenues for the quarter rose to $1.95 billion from $1.15 billion last year.

Investment Banking reported record revenues of $1.03 billion, up 227% over the prior year quarter, including record quarterly Advisory net revenues of $391 million.

US homes prices rose in April at fastest pace in more than 15 years

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US single-family home prices in 20 key urban markets rose in April from a year earlier by the most in over 15 years, a closely watched survey said on Tuesday.

The S&P/Case Shiller composite index of 20 metropolitan areas gained 14.9 percent through the 12 months ended in April, the largest annual price increase since December 2005. A Reuters poll of economists had forecast a 14.5% increase.

On month-to-month basis, the 20-city composite index rose 1.6 rose from March. Economists polled by Reuters had been expecting a 1.7 percent increase.

Home prices have surged nationwide in large part due to limited supply.

Last week, the Commerce Department reported that sales of new US single-family homes fell to one-year low in May as expensive raw materials such as lumber continue to increase prices of newly constructed houses. 

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Flying cars will be a reality by 2030, says Hyundai’s Europe chief

Michael Cole says urban air mobility could free up congestion and help with emissions in cities

Last modified on Tue 29 Jun 2021 12.39 EDT

Flying cars will be a reality in cities around the globe by the end of this decade, according to a leading car manufacturer, and will help to reduce congestion and cut vehicle emissions.

Michael Cole, the chief executive of the European operations of South Korean carmarker Hyundai, said the firm had made some “very significant investments” in urban air mobility, adding: “We believe it really is part of the future”.

Cole conceded: “There’s some time before we can really get this off the ground.

“We think that by the latter part of this decade certainly, urban air mobility will offer great opportunity to free up congestion in cities, to help with emissions, whether that’s intra-city mobility in the air or whether it’s even between cities.”

He told a conference of industry group Society of Motor Manufacturers and Traders: “It’s part of our future solution of offering innovative, smart mobility solutions.”

The company showcased its flying car concept, developed in conjunction with the ride-sharing firm Uber, at the Consumer Electronics Show in Las Vegas in January 2020.

Hyundai is also involved in the UK’s first airport without a runway, designed for aircraft that are capable of electric vertical take-off and landing (eVTOL), scheduled to open in Coventry later this year.

The “urban airport” could be used by aircraft including air taxis and autonomous delivery drones.