NEW YORK: Shares of Chinese ride-hailing giant Didi Chuxing rocketed higher Wednesday in its first trading session after raising $4.4 billion in an initial public offering.

Near 1730 GMT, shares of Didi were up 14.3 percent at $16, well above the $14 IPO price and giving the company a valuation of around $77 billion.

Didi Chuxing — which claims to have more than 15 million drivers and nearly 500 million users — is often the easiest and quickest way to call a ride in crowded Chinese cities.