Missfresh Limited, which provides an e-commerce platform for grocery delivery, announced terms for its IPO on Tuesday.
The Beijing, China-based company plans to raise $305 million by offering 21 million ADSs at a price range of $13 to $16. Insiders CICC, Tencent, Davis Selected Partner Advisors, Genesis Capital, and Vision Plus Capital intend to purchase $90 million worth of ADSs in the offering (30% of the deal). At the midpoint of the proposed range, Missfresh Limited would command a fully diluted market value of $3.6 billion.
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 12 months ended 3/31/2021, the company reported 7.9 million effective users across 16 cities in China.
Missfresh Limited was founded in 2014 and booked $911 million in revenue 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, Haitong International, CMB International Capital, ICBC International, Needham & Co., China Merchants Securities, GF Securities, and ABCI Capital are the joint bookrunners on the deal. It is expected to price during the week of June 28, 2021.
