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TENCENT HOLDINGS LIMITED

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Chinese grocery app Dingdong Maicai targets $500 mln in U.S. IPO -sources

06/09/2021 | 03:00am EDT

June 9 (Reuters) - Chinese grocery app Dingdong Maicai, backed by investors including Sequoia Capital and Tiger Global Management, aims to raise around $500 million in its U.S. IPO to compete in a crowded sector, three people with direct knowledge of the matter told Reuters.

The company filed for the IPO on Tuesday but did not give any details of the size of the isssue or valuation.

Dingdong is targeting a valuation of at least $6 billion in the offering, said two of the people, who declined to be named as the information is confidential.

A valuation target however has not been finalised and could change depending on market feedback, they cautioned.

Dingdong plans to open books for the IPO in two weeks and a listing could take place as early as the end of June, said two of them.

Dingdong Maicai did not immediately respond to a query for comment.

The COVID-19 pandemic has fueled online demand for fresh produce in China, with e-commerce companies including Dingdong, Alibaba Group and Pinduoduo competing aggressively to grab a major slice of that vast market.

One of Dingdong's competitors MissFresh, backed by Tencent Holdings, also filed for a U.S. IPO on Tuesday.

Established in 2017 in Shanghai, Dingdong operates mainly in first-tier cities such as Shanghai, Beijing, Shenzhen, and Hangzhou.

Last month, the company raised $330 million, in a funding round led by SoftBank Vision Fund, bringing its total fundraising to over $1 billion.

The latest round valued the company at $5.1 billion, said one of the people. A year ago, Dingdong was valued at $2 billion in a $300 million funding round, Reuters reported at the time.

Dingdong plans to list its shares on the New York Stock Exchange under the symbol "DDL", according to the company's filing.

Morgan Stanley, BofA Securities, Credit Suisse and Mission Capital are underwriters for the offering, Dingdong said. (Reporting by Kane Wu and Scott Murdoch in Hong Kong; Additional reporting by Ankit Ajmera in Bengaluru; Editing by Anshuman Daga and Stephen Coates)


© Reuters 2021
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Financials
Sales 2021 588 B 91 060 M 91 060 M
Net income 2021 148 B 22 884 M 22 884 M
Net cash 2021 117 B 18 075 M 18 075 M
P/E ratio 2021 26,1x
Yield 2021 0,40%
Capitalization 3 790 B 587 B 587 B
EV / Sales 2021 6,24x
EV / Sales 2022 5,06x
Nbr of Employees 89 228
Free-Float 62,4%
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Mean consensus BUY
Number of Analysts 52
Last Close Price 398,20 CNY
Average target price 606,46 CNY
Spread / Average Target 52,3%
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Managers and Directors
Hua Teng Ma Executive Chairman & Chief Executive Officer
Chi Ping Lau President & Executive Director
Shek Hon Lo Chief Financial Officer & Senior Vice President
Chen Ye Xu Chief Information Officer
Yu Xin Ren COO & President-Interactive Entertainment Group
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