Business

SoftBank-backed Dingdong rises 19per cent in market debut, valued at US$6.6 billion

Shares of Dingdong, backed by SoftBank Vision Fund II, opened 19per cent above their offer price in their market debut in the United States on Tuesday, giving the Chinese grocery app a valuation of over US$7 billion.

A delivery worker of Chinese online grocery Dingdong Maicai works at a shop on a street in Shanghai
FILE PHOTO: A delivery worker of Chinese online grocery Dingdong Maicai works at a shop on a street in Shanghai, China June 10, 2021. REUTERS/Aly Song
(Updated: )

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(Corrects to say valuation of US$6.6 bln, not US$7 bln, in headline, paragraph 1)

:Shares of Dingdong, backed by SoftBank Vision Fund II, opened 19per cent above their offer price in their market debut in the United States on Tuesday, giving the Chinese grocery app a valuation of US$6.6 billion.

Stock opened at US$28 per share, up from the initial public offering price of US$23.50 per share.

(Reporting by Niket Nishant in Bengaluru; Editing by Ramakrishnan M.)

Source: Reuters