[{"_1":2,"_83":-5,"_84":-5},"loaderData",{"_3":4,"_6":7},"root",{"_5":-5},"user","routes/tag.$slug",{"_8":9,"_72":73,"_80":75,"_81":64,"_82":64},"posts",[10],{"_11":12,"_13":14,"_15":16,"_17":18,"_19":20,"_21":22,"_23":24,"_25":26,"_27":28,"_29":30,"_31":32,"_33":-5,"_34":35,"_36":37,"_47":48,"_65":66,"_67":68,"_69":70,"_71":32},"documentId","q8eo1e5ihtzjj1ygxuyk9r09","title","Dingdong Maicai Slashes IPO by 70% While MissFresh Stocks Plummets on Nasdaq Debut","slug","dingdong-maicai-slashes-ipo-by-70-while-missfresh-stocks-plummets-on-nasdaq-debut","excerpt","According to JIEMIAN.COM, Dingdong Maicai, a Chinese fresh grocery app, downsized its initial public offering (IPO) in the US to a quarter of its planned target on Monday.","content","\n

According to JIEMIAN.COM, Dingdong Maicai, a Chinese fresh grocery app, downsized its initial public offering (IPO) in the US to a quarter of its planned target on Monday.

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Dingdong Maicai now says it will seek to raise up to $94.4 million, down 74% from the $357 million it initially planned to raise. Dingdong Maicai will issue 3.7 million ADS at $23.50 to $25.50 per ADS, compared with its previous plan to issue 14 million ADS shares.

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Dingdong Maicai will begin trading on the New York Stock Exchange on Tuesday, June 29th, under the ticker symbol \"DDL\". Morgan Stanley, Bank of America Securities, Credit Suisse, HSBC, Futu and UP Fintech Holding Ltd are joint underwriters of this transaction.

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During the epidemic in 2020, Dingdong Maicai was able to substantially grow its business, tripling its revenue and significantly increasing its gross profit margin at the same time. However, burdened with high performance costs, Dingdong Maicai still is looking at a net loss in operations.

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The company's prospectus shows, from 2019 to Q1 2021, Dingdong Maicai's operating losses were 1.741 billion yuan, 3.162 billion yuan and 1.334 billion yuan respectively.

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In the early morning of June 9th, Dingdong Maicai supported by Softbank Vision Fund and Tencent-backed MissFresh submitted IPO documents to the US Securities and Exchange Commission. On June 22nd, the two companies updated their prospectuses and confirmed their issue price ranges.

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However, MissFresh plunged below its issue price on its first day of listing in New York last week, with its market value having shrunk by $786 million overnight.

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Tag: #overnight

Dingdong Maicai Slashes IPO by 70% While MissFresh Stocks Plummets on Nasdaq Debut