Dingdong, an on-demand grocery delivery platform in China, announced terms for its IPO on Tuesday.
The Shanghai, China-based company plans to raise $343 million by offering 14 million ADSs at a price range of $23.50 to $25.50. Insiders intend to purchase $200 million worth of ADSs in the offering (58% of the deal). At the midpoint of the proposed range, Dingdong would command a market value of $6.0 billion.
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.
Dingdong was founded in 2017 and booked $1.9 billion in revenue for the 12 months ended March 31, 2021. It plans to list on the NYSE under the symbol DDL. Morgan Stanley, BofA Securities, Credit Suisse, and HSBC are the joint bookrunners on the deal. It is expected to price during the week of June 28, 2021.
