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CHINA BRIEF | Online grocery delivery firm Dada Nexus to raise up to USD 280.5 million in US IPO

The firm plans to list under the symbol “DADA” on the Nasdaq Stock Exchange.

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Shanghai-based on-demand delivery startup Dada Nexus Limited, backed by Walmart and JD.com (NASDAQ: JD), is looking to raise up to USD 280.5 million in a Nasdaq IPO, by offering 16.5 million American Depositary Shares (ADSs) for a price between USD 15 and USD 17.

The firm plans to list under the symbol “DADA,” according to the company’s initial public offering prospectus updated on Monday with the US Securities and Exchange Commission (SEC).

The underwriters, including Goldman Sacks, and BofA Securities Jefferies, also have the option to purchase an additional 2,475,000 ADSs, said Dada, which might increase the collected amount to USD 322.5 million.

Dada Nexus operates JD Daojia, a grocery delivery service that promises home deliveries within one hour, from various supermarkets including Walmart and other retail stores, covering over 100 cities across China. JD Daojia has a standalone app and a channel inside JD.com’s main app.

This article is part of KrASIA’s “China Brief” section, where KrASIA’s reporters will provide quick daily updates about the tech ecosystem in China.