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.

Posted In: BriefsReutersNewsIPOsTechMedia

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.