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.
Dingdong plans to list its shares on the New York Stock Exchange under the symbol “DDL”, according to the company’s filing.
Morgan Stanley, BofA Securities, Credit Suisse and Mission Capital are underwriters for the offering, Dingdong said.
Reuters