The Bertelsmann, Red Star Macalline and SoftBank-backed grocery delivery service floated in a $95.7m downsized initial public offering this week.
Dingdong, a China-based grocery delivery app developer which counts corporates Bertelsmann, Red Star Macalline and SoftBank as backers, raised $95.7m in an initial public offering on the New York Stock Exchange on Tuesday.
The company priced just over 4 million American depositary shares (ADS), with every two ADS representing three class A ordinary shares, at the bottom of the IPO’s $23.50 to $25.50 range.
The number of shares in the offering was downgraded from 14 million but the shares closed…
