Dingdong, an on-demand grocery delivery platform in China, raised $96 million by offering 4.1 million ADSs at $23.50, the low end of the range of $23.50 to $25.50. The company offered 0.4 million more ADSs than anticipated. It originally planned to offer 14 million ADSs before slashing the offering to 3.7 million ADSs on Monday. Insiders had indicated on more than 100% of the ADSs in the 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.
Dingdong plans to list on the NYSE under the symbol DDL. Morgan Stanley, BofA Securities, Credit Suisse, and HSBC acted as joint bookrunners on the deal.
