Sequoia-backed online grocer Dingdong Maicai files for U.S. IPO to raise about $100 million
Jun.9,2021
Image by Adonyi Gábor from Pexels

Chinese online grocer Dingdong Maicai, backed by investors including Sequoia Capital and Tiger Global Management, filed its IPO with the U.S. Securities and Exchange Commission on Tuesday to list on Nasdaq.

Underwriters for the IPO include Morgan Stanley, BofA Securities, and Credit Suisse. The ticker symbol is DDL. The company has tentatively put a maximum of $100 million as the placeholder amount.

Dingdong Maicai was founded in May 2017 and now serves 29 cities across China. Public information shows that the company is now the fastest-growing on-demand e-commerce platform in China.

In May, Dingdong announced the completion of a $330 million Series D+ round of funding led by SoftBank Vision Fund. And in early April, it raised $700 million in Series D funding, co-led by DST Global and Coatue Management, L.L.C.

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