Dingdong Maicai files for IPO in the US

China's omnichannel grocery online retailer Dingdong Maicai has submitted its IPO prospectus to the United States Securities and Exchange Commission, with a stock code of "DDL", news portal Sina reported on Wednesday.

According to the prospectus, the firm's revenue was 3.88 billion yuan ($606 million) in 2019, and 11.34 billion yuan in 2020, and the figure reached 3.8 billion yuan in the first quarter of this year, increasing 2.6 billion yuan over the same period last year with total orders reaching 69.7 million.

Currently, Dingdong Maicai is still in a loss, but the net loss rate is narrowing from 48.3 percent to 28 percent during 2019 to 2020.

In April, the firm raised $700 million in its D round of financing from a group of investors, which will be used for new regional expansion, supply chain investment and team building, said Sina.

The fundraising has over 15 investors, including DST Global, Coatue, Tiger Global Management, General Atlantic, CMC Capital, Sequoia Capital China, Cygnus Equity, Ocean Link, Aspex Management, 3W Fund, Mass Ave Global and APlus Partners.

On May 12, Dingdong Maicai announced it completed a D+ round of financing to raise $330 million, which was led by SoftBank Group Corp's Vision Fund.

Underwriters for Ding Dong's IPO include Morgan Stanley, Banc of America Securities, Credit Suisse and Mission Capital.