Dingdong (DDL) Slashes IPO Offering Size by 74%

Dingdong (NYSE: DDL) slashed the size of its upcoming IPO from 14,000,000 ADSs to 3,702,000 ADSs on Monday. The expected IPO price of $23.50-$25.50 was maintained.

The weakness is said related to a lackluster debut of smaller rival Missfresh Limited (NYSE: MF) on Friday. Shares of MF are down 32% from the IPO price of $13.

The Dingdong offering is being led by Morgan Stanley, BofA Securities, Credit Suisse, HSBC, Mission Capital, FUTU, and Tiger Brokers.

Dingdong is leading and the fastest growing on-demand e-commerce company in China. The company directly provide users and households with fresh produce, meat and seafood and other daily necessities through a convenient and excellent shopping experience supported by an extensive self-operated frontline fulfillment grid.

Ttal revenues has grown from RMB3,880.1 million in 2019 to RMB11,335.8 million (US$1,730.2 million) in 2020.

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