China's Dada Nexus slips as co launches equity offering

Dada Nexus

01/12/2020 12:38

** Shares of Chinese online grocery firm Dada Nexus  DADA.O 
down ~3% from record high at $56.22 premarket as co launches
first equity offering since going public in June
    ** DADA looks to sell 9 mln ADSs  urn:newsml:reuters.com:*:nGNX7RlkdZ
    ** Existing shareholder JD.com  JD.O  has indicated to buy
up to $50 mln of deal shares
    ** Co expects to use net offering proceeds to implement
marketing initiatives, grow its user base, invest in technology
and R&D, and for general corp purposes
    ** Goldman Sachs, BofA, Jefferies and Haitong Int'l joint
bookrunners for offering slated to price Weds AMC
    ** DADA's shares have surged >70% since co on Nov 19
reported 86% yr/yr qtrly rev growth  urn:newsml:reuters.com:*:nL4N2I62SQ
    ** Co, also backed by Walmart  WMT.N , raised $358 mln in
IPO priced at $16

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 1-332-219-1430))