SoftBank-Backed Dingdong Downsizes U.S. IPO Target Following Missfresh Debacle: Reuters

SoftBank Group Corp SFTBY SFTBF Vision Fund II backed Chinese grocery app, Dingdong has downsized its U.S. initial public offering size to almost 25% of its previous plan, Reuters reports.
It plans to sell 3.7 million American Depositary Shares (ADSs) priced between $23.50 - $25.50 each to raise $94.4 million. It had earlier planned to sell 14 million ADSs to raise $357 million.
Morgan Stanley, BofA Securities, and Credit Suisse are the lead underwriters for the Dingdong IPO.
The downsizing followed Tencent Holdings Ltd - TCEHY backed rival grocery app Missfresh Ltd MF IPO debacle last week.
After opening 18% below the offer price of $10 per ADS on Friday, shares of Missfresh have dropped almost 33% below their IPO price in late afternoon trading on Monday,
Price action: MF shares traded higher by 0.79% at $8.91 on the last check Tuesday.