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Kul Bhushan · · 1 min readReport: SoftBank-backed Chinese grocery firm cuts US IPO target by over 70%
“Chinese grocery app Dingdong, backed by SoftBank Vision Fund 2, on Monday slashed the size of its initial public offering in the US to about a fourth of what it had aimed for earlier,” reported Reuters.
Details:
- Dingdong Maicai is now looking to raise up to US$94.4 million, over 70% down from the original target of netting up to US$357 million.
- The company now aims to sell 3.7 million American depositary shares (ADSs) to raise the amount. It had earlier said it would sell 14 million ADSs.
Context:
- The downsizing comes after shares of Dingdong’s Tencent-backed rival Missfresh sunk in its debut on Nasdaq.
- The seven-year-old Dingdong planned to list on the New York Stock Exchange under the symbol “DDL.” Some of the top investors in the company are the SoftBank Vision Fund, Tiger Global, Sequoia Capital, and General Atlantic.
Editing by Miguel Cordon and September Grace Mahino
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