Missfresh Limited, which provides an e-commerce platform for grocery delivery in China, raised $273 million by offering 21 million ADSs at $13, the low end of the range of $13 to $16.
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 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 acted as joint bookrunners on the deal.
