DDC Enterprise, which sells prepared food products and operates a recipe sharing platform in China, announced terms for its IPO on Wednesday.
The Hong Kong-based company plans to raise $45 million by offering 4.3 million shares at a price range of $9.50 to $11.50. At the midpoint of the proposed range, DDC Enterprise would command a market value of $226 million.
Also known as DayDayCook, the company states that it is a leading content driven consumer brand offering ready-to-heat, ready-to-cook, and ready-to-eat food products. The company began as an online platform for food recipes and culinary content and subsequently expanded to provide advertising services on its platform. In 2017, it expanded from content creation to content commerce, and in 2019, began to include the production and sale of prepared food products, which it distributes both online and offline. DDC currently operates in Mainland China but is actively working to expand internationally.
DDC Enterprise was founded in 2012 and booked $28 million in sales for the 12 months ended June 30, 2023. It plans to list on the NYSE under the symbol DDC. CMB International Capital, The Benchmark Company, Maxim Group LLC, and Freedom Capital Markets are the joint bookrunners on the deal. It is expected to price during the week of November 13, 2023.
