Dingdong Maicai files for IPO in the US

Currently, Dingdong Maicai is still in a loss, but the net loss rate is narrowing from 48.3% to 28% during 2019 to 2020.

BEIJING: China’s omnichannel grocery online retailer Dingdong Maicai has submitted its initial public offering (IPO) prospectus to the United States Securities and Exchange Commission, with a stock code of “DDL”, news portal Sina reported yesterday.

According to the prospectus, the firm’s revenue was 3.88 billion yuan (US$606mil or RM2.49bil) in 2019, and 11.34 billion yuan (RM7.30bil) in 2020, and the figure reached 3.8 billion yuan in the first quarter of this year, increasing 2.6 billion yuan (RM1.67bil)over the same period last year with total orders reaching 69.7 million.

Currently, Dingdong Maicai is still in a loss, but the net loss rate is narrowing from 48.3% to 28% during 2019 to 2020.

In April, the firm raised US$700mil (RM2.88bil) in its D round of financing from a group of investors, which will be used for new regional expansion, supply chain investment and team building, said Sina.

The fundraising has over 15 investors, including DST Global, Coatue, Tiger Global Management, General Atlantic, CMC Capital, Sequoia Capital China, Cygnus Equity, Ocean Link, Aspex Management, 3W Fund, Mass Ave Global and APlus Partners.

On May 12, Dingdong Maicai announced it completed a D+ round of financing to raise US$330mil (RM1.36bil), which was led by SoftBank Group Corp’s Vision Fund. Underwriters for Ding Dong’s IPO include Morgan Stanley, Banc of America Securities, Credit Suisse and Mission Capital.

Dingdong Maicai adopts a big data-driven approach, predicting future orders through self-developed data models and multi-dimensional predictions. ― China Daily/ANN

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