Softbank-backed Dingdong wobbles after massive IPO markdown

Missfresh

29/06/2021 20:42

** Shares of Chinese online grocery app Dingdong  DDL.N 
fall into negative territory on Tues after IPO deal size was
slashed by more than 70%
    ** DDL opens at $28 vs $23.50 IPO price. Then stock falls to
as low as $22.70
    ** Co backed by SoftBank Vision Fund II sells ~4.1 mln ADSs
at bottom of $23.50-$25.50 range after originally marketing deal
of 14 mln ADSs  urn:newsml:reuters.com:*:nL3N2OB3PW
    ** Meanwhile, Tencent Holdings-backed rival Missfresh  MF.O 
continues to falter since its debut on Fri. MF shares on Tues
down ~5% and now off ~35% from their $13 IPO price  urn:newsml:reuters.com:*:nL3N2O7376
    ** And shares of another recent China-to-U.S. IPO, Full
Truck Alliance  YMM.N , down 11% on Tues. Co which dubs itself
"Uber for trucks" has now lost ~17% from its Jun 22 issue price
 urn:newsml:reuters.com:*:nL3N2O42BK
    ** This as Didi Global  DIDI.N , China's ride-sharing giant,
poised to price ~$4 bln IPO at the top or above the $13-$14
range after market close on Tues, sources told Reuters
 urn:newsml:reuters.com:*:nL2N2OB0MJ

 (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))