Missfresh Limited, which provides an ecommerce platform for grocery delivery in China, filed on Tuesday with the SEC to raise up to $100 million in an initial public offering.
The Missfresh mobile app and Mini Program embedded in third-party social platforms allows consumers to purchase groceries from their phone, which are then delivered to their door by a delivery driver. In the three months ended March 31, 2021, deliveries were made in 39 minutes on average. For the twelve months ended March 31, 2021, the company reported 7.9 million effective users across 16 cities in China.
The Beijing, China-based company was founded in 2014 and booked $933 million in sales for the 12 months ended March 31, 2021. It plans to list on the Nasdaq under the symbol MF. J.P. Morgan, Citi, CICC, China Renaissance, CMB International Capital, ICBC International, Needham & Co., Futu Securities, and Tiger Brokers are the joint bookrunners on the deal. No pricing terms were disclosed.
