Chinese delivery platform Dada Nexus seeks US IPO

NEW YORK -- Dada Nexus, a leading on-demand retail and delivery platform in China, has filed for an initial public offering (IPO) on the US stock market.

The company plans to list on the Nasdaq under the symbol "DADA," by offering 16.5 million American Depositary Shares (ADSs) at a price range of $15 to $17 apiece, according to its prospectus filed Monday with the US Securities and Exchange Commission.

Each ADS represents four of its ordinary shares.

Founded in 2014, the company currently operates JD-Daojia, one of China's largest local on-demand retail platforms, and Dada Now, a leading local on-demand delivery platform in China.

It intends to use the net proceeds of this offering to expand business operations including implementing its marketing initiatives and developing the user base, investing in technology and research as well as general corporate purposes.

Goldman Sachs, BofA Securities and Jefferies are the joint bookrunners on the deal.

As of Friday, the S&P US Listed China 50 index, which is designed to track the performance of the 50 largest Chinese companies listed on US exchanges by total market cap, stood at 3,524, marking a 9-percent gain for the month-to-date returns and an 11.26-percent increase for the year-to-date returns.