Didi is looking to raise as much as $4 billion in one of the biggest U.S. IPO’s of the past decade

Chinese ride-hailing company DiDi is aiming for a valuation of more than $60 billion in its New York Stock Exchange debut.

Its target is set to set the company up for what is likely to be the biggest U.S. initial public offering this year.

Didi set a price range of between $13 and $14 per American Depositary Share and confirmed it would offer 288 million such shares in its IPO.

At the upper end of the price range, DiDi expects to raise a little more than $4 billion.

Four ADSs represent one Class A ordinary share, it said in a regulatory filing that was registered under its formal name Xiaoju Kuaizhi Inc.

The IPO will be one of the biggest share sales by any Chinese company in the U.S since Alibaba raised $25 billion back in 2014.

Major Regulatory Scrutiny

Didi’s offering has also been clouded by speculation over increased regulatory scrutiny.

Reuters reported last week China’s antitrust watchdog has commenced a probe into the ride-hailing firm’s business practices and pricing mechanisms.

The company, which was among 34 Internet giants that had been ordered by regulators in April to correct any excesses, had said in an earlier filing that while it had completed the process, it couldn’t assure investors that the regulators would be satisfied with its efforts or that it would escape any penalties.