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Fresh Groceries E-Commerce Company DINGDONG Raised $96 Million

Esther Thin

Dingdong Limited, a fresh groceries e-commerce company, raised $96 million by offering 4.1 million ADSs at $23.50, low-end of the proposed range of $23.50 to $25.50.

The company provides 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.

The Shanghai, China-based company was founded in 2017 and booked $2.0 billion in revenue for the 12 months ended March 31, 2021. It plans to list on the NYSE under the symbol “DDL.” Dingdong filed confidentially on April 16, 2021. Morgan Stanley, BofA Securities, and Credit Suisse are underwriters of the IPO.

The company engages Kirkland & Ellis International LLP as US Securities Counsel, and Ernst & Young Hua Ming LLP as Independent Auditor.

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