Dada Nexus, a leading on-demand retail and delivery platform in China, announced terms for its IPO on Monday.
The Shanghai, China-based company plans to raise $264 million by offering 16.5 million ADSs at a price range of $15 to $17. Insiders JD.com and Walmart intend to purchase an aggregate $90 million worth of ADSs in the offering. At the midpoint of the proposed range, Dada Nexus would command a market value of $3.5 billion.
Dada Nexus was founded in 2014 and booked $514 million in revenue for the 12 months ended March 31, 2020. It plans to list on the Nasdaq under the symbol DADA. Goldman Sachs, BofA Securities and Jefferies are the joint bookrunners on the deal.
