Dingdong, an on-demand grocery delivery platform in China, filed on Tuesday with the SEC to raise up to $100 million in an initial public offering.
With fresh groceries as its core product categories, Dingdong states that it is the fastest growing on-demand e-commerce company in China, directly providing users and households with fresh produce, meat and seafood, and other daily necessities. The company had a 10% share of the the on-demand e-commerce market by GMV in 2020.
The Shanghai, China-based company was founded in 2017 and booked $2.0 billion in revenue for the 12 months ended March 31, 2021. It plans to list on the NYSE under the symbol DDL. Dingdong filed confidentially on April 16, 2021. Morgan Stanley, BofA Securities, and Credit Suisse are the joint bookrunners on the deal. No pricing terms were disclosed.
