SoftBank-Backed Dingdong Downsizes U.S. IPO Target Following Missfresh Debacle: Reuters

  • SoftBank Group Corp SFTBY SFTBF Vision Fund II backed Chinese grocery app, Dingdong has downsized its U.S. initial public offering size to almost 25% of its previous plan, Reuters reports.
  • It plans to sell 3.7 million American Depositary Shares (ADSs) priced between $23.50 - $25.50 each to raise $94.4 million. It had earlier planned to sell 14 million ADSs to raise $357 million.
  • Morgan Stanley, BofA Securities, and Credit Suisse are the lead underwriters for the Dingdong IPO.
  • The downsizing followed Tencent Holdings Ltd - TCEHY backed rival grocery app Missfresh Ltd MF IPO debacle last week.
  • After opening 18% below the offer price of $10 per ADS on Friday, shares of Missfresh have dropped almost 33% below their IPO price in late afternoon trading on Monday,
  • Price action: MF shares traded higher by 0.79% at $8.91 on the last check Tuesday.
Market News and Data brought to you by Benzinga APIs
Posted In: NewsIPOsTechMediaBriefsReuters
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!