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Chinese operators of grocery apps Missfresh, Dingdong target US$500 million each via US IPOs, say sources
Two Chinese online grocery platforms – Missfresh and Dingdong Maicai – are seeking to raise about US$500 million each through initial public offerings on US stock exchanges to fund their growth plans, according to people familiar with these transactions.
Missfresh, in which social media giant Tencent Holdings owns an 8.1 per cent stake, is seeking to sell American depositary receipts on Nasdaq. Dingdong Maicai, backed by Sequoia Capital and Tiger Global Management, is targeting a similar amount through a share sale on the New York Stock Exchange.
Both companies are keen to launch their stock offerings and list by the end of June at the earliest, these people said, declining to be named because they were not authorised to discuss the matter publicly.
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