DDC Enterprise, which sells prepared food products and operates a recipe sharing platform in China, filed on Friday with the SEC to raise up to $50 million in an initial public offering.
Also known as DayDayCook, the company states that it is a leading content driven consumer brand offering ready-to-heat, ready-to-cook, and ready-to-eat food products. The company began as an online platform for food recipes and culinary content and subsequently expanded to provide advertising services on its platform. In 2017, it expanded from content creation to content commerce, and in 2019, began to include the production and sale of prepared food products, which it distributes both online and offline. DDC currently operates in Mainland China but is actively working to expand internationally.
DDC Enterprise is the latest company to seek an IPO after previously attempting to list in the US via SPAC. In August 2021, the company announced that it planned to merge with SPAC Ace Global Business Acquisition (ACBA); the deal was terminated in July 2022 due to unfavorable market conditions.
The Hong Kong-based company was founded in 2012 and booked $25 million in sales for the 12 months ended December 31, 2022. It plans to list on the NYSE but has not selected a symbol yet (RC ticker: DAYC.RC). CMB International Capital, The Benchmark Company, Guotai Junan Securities, Eddid Securities and Futures, and Tiger Brokers are the joint bookrunners on the deal. No pricing terms were disclosed.
