DDC Enterprise, which sells prepared food products and operates a recipe sharing platform in China, raised $33 million by offering 3.9 million shares at $8.50, below the range of $9.50 to $11.50. The company offered 0.4 million fewer shares than anticipated.
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 plans to list on the NYSE American under the symbol DDC. CMB International Capital, The Benchmark Company, Maxim Group LLC, and Freedom Capital Markets acted as joint bookrunners on the deal.
