Chinese grocery app Dingdong Maicai, backed by investors including Sequoia Capital and Tiger Global Management, filed for a U.S. initial public offering on Tuesday, as it seeks more funds to compete in a crowded sector.
The COVID-19 pandemic has fueled online demand for fresh produce in China, with e-commerce companies including Dingdong, Alibaba Group and Pinduoduo competing aggressively to grab a major slice of that vast market.
Established in 2017 in Shanghai, Dingdong last month raised $330 million, in a funding round led by SoftBank Vision Fund, bringing its total fundraising to over $1 billion. (https://reut.rs/3w7aLVc)
Dingdong plans to list its shares on the New York Stock Exchange under the symbol “DDL”, according to the company’s filing. (https://bit.ly/3g2hdHq)
Morgan Stanley, BofA Securities, Credit Suisse and Mission Capital are underwriters for the offering, Dingdong said.
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