Consumer Staples Author：EqualOcean News , Xiwen Zheng Jun 30, 2021 05:59 PM (GMT+8)

On June 29, online groceries e-commerce company Dingdong Maicai (DDL:NYSE) went public in New York after raising USD 96 million in an initial public offering, a dramatic cutback from the original projection of USD 357 million.

Dingdong

Dingdong Maicai had initially planned to raise up to USD 357 million by selling 14 million ADSs, priced between USD 23.5 and USD 25.5. But its updated SEC filings disclosed that the company shrank the IPO target to 3.7 million ADSs priced at USD 23.5 each, which was in the lower end of the indicative price range. The market value of Dingdong Maicai reached USD 5.54 billion based on the issue price.

The shares of Dingdong Maicai opened at USD 28 and quickly jumped to as high as USD 29.99, 25.5% ahead of its IPO price. However, the stock later backed down to close at USD 23.52.

In 2019 and 2020, Dingdong Maicai achieved CNY 3.88 billion and CNY 11.336 billion revenue, respectively; for 2021 Q1, the revenue increased by 46.0% to CNY 3.802 billion from CNY 2.604 billion in the same period last year. From 2018 to 2020, the GMV of Dingdong Maicai jumped from CNY 742 million to CNY 13.03 billion with a CAGR of 319.2%.