SoftBank-backed Dingdong targets over $6 billion valuation in U.S. IPO
(Reuters) -Chinese unicorn Dingdong, backed by SoftBank Vision Fund II, is aiming for a higher than $6 billion valuation in its New York debut as a result of the grocery app joins Asian tech startups looking for to faucet into the IPO improve in the United States.
The valuation represents a leap of over 20% from the $5.1 billion the company was value after the Japanese conglomerate invested in it remaining month.
Dingdong talked about it objectives to elevate as a lot as $357 million in its IPO as a result of it seeks to navigate a crowded sector that has seen established players along with Alibaba Group and Pinduoduo compete aggressively.
The agency, which can be backed by Tiger Global Management and Sequoia Capital, will promote 14 million American Depositary Shares (ADSs) priced between $23.50 and $25.50 each, in protecting with its submitting.
Established in …