SoftBank-backed Dingdong slashes U.S. IPO target by over 70%
(Reuters) -Chinese grocery app Dingdong, backed by SoftBank Vision Fund II, on Monday slashed the size of its preliminary public offering inside the United States to a few fourth of what it had aimed for earlier.
It is now looking for to raise as a lot as $94.4 million, in keeping with a submitting, in distinction with its earlier plan for as a lot as $357 million.
The agency talked about it could be aiming to advertise 3.7 million American Depositary Shares (ADSs) priced between $23.50 and $25.50 each. It had earlier talked about it could be looking for to advertise 14 million ADSs.
The downsizing comes after rival grocery app Missfresh Ltd, backed by Tencent Holdings Ltd, plunged in its market debut closing week.
After opening 18% underneath the present worth of $10 per ADS on Friday, shares of Missfresh have slumped …
