Tencent-backed online grocer Missfresh raises $273 million in U.S. IPO (updated)

Missfresh

25/06/2021 17:16

(Adds details on offering, background)
    June 25 (Reuters) - Tencent Holdings Ltd-backed  0700.HK 
Missfresh Ltd  MF.O  said on Friday it sold shares in its
initial public offering at the lower end of its target range,
raising $273 million. 
    The company sold 21 million American depositary share in the
IPO at $13 apiece. The offering values the Chinese online grocer
at over $3 billion.
    Each ADS represents three Class B ordinary shares.    
    Missfresh operates a mobile e-commerce platform that offers
delivery of fresh produce, including fruits, vegetables, dairy
products and meat.
    Founded in 2014 and backed by Abu Dhabi Capital Group and
Tiger Global Management, Missfresh is the latest Asian company
to cash in on a record boom in U.S. capital markets. 
    Rival Dingdong has also filed with U.S. regulators to list
its shares with a target valuation of over $6 billion, while
Chinese ride-hailing giant Didi Chuxing is looking to raise as
much as $4 billion in New York in what is likely to be this
year's biggest IPO.
    J.P. Morgan, Citigroup, CICC and China Renaissance were the
lead underwriters for Missfresh's offering.

 (Reporting by Sohini Podder in Bengaluru;
Editing by Vinay Dwivedi)
 ((sohini.podder@thomsonreuters.com;))