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More details are coming together in the lead-up to DiDi Global's IPO on the New York Stock Exchange. The stock tumbled 20% yesterday just three sessions after the company went public - after China began a probe into the firm's data practices and barred new users from its app. DIDI is down again this morning, leading many to question how much was known before the ride-hailing giant raised $4.4B at a $67B valuation? Wall Street banks including Goldman Sachs, Morgan Stanley and J.P. Morgan made about 2% on the total amount raised, or around $88M when spread out between them.


Hyperlocal social media platform Nextdoor has agreed to go public through a merger with a special purpose acquisition company, in a deal that it said would give the business an implied valuation of $4.3bn. Founded in 2011, the social network carved a niche distinct from dominant rival Facebook by creating an online space for neighbors to discuss local events, rate local businesses and exchange goods and services. It will merge with a Nasdaq-listed Spac launched by Silicon Valley venture capital group Khosla Ventures, raising $686m in gross proceeds.


Investors will pay close attention when minutes from the US central bank’s last meeting are released later today. The Fed surprised market participants after the June 15-16 meeting when it signalled a potential policy shift in the face of higher inflationary pressures and strong growth.

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