Dingdong Priced Downsized IPO At $23.50/ADS; Shares Jump 10% AH

Chinese e-commerce company Dingdong (Cayman) Limited DDL has priced its initial public offering of 4 million American depositary shares (ADS) at $23.5 per ADS. The total offering size is $95.7 million.
The company downsized its IPO price after the 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,
The ADSs are expected to begin trading on the New York Stock Exchange on June 29, 2021, under the symbol "DDL."
The IPO offering is expected to close on July 1, 2021.
The company has granted the underwriters an option, within 30 days from the date of the final prospectus, to purchase up to an aggregate of 610K additional ADSs at $23.5 per ADS.
Morgan Stanley & Co LLC, BofA Securities Inc, and Credit Suisse Securities (U.S.A.) LLC are acting as joint bookrunners and underwriter representatives for the proposed offering.
Price Action: DDL shares are up 9.70% at $26 in the after-hours session on the last check Tuesday