Image credit: MissFresh

Brief: Chinese e-grocers seek to raise a combined $700m in US market debuts

June 24, 2021

  • Missfresh is expecting to raise up to $336 million in its upcoming Nasdaq IPO, valuing the Chinese e-grocery platform at $3.8 billion.
  • The Beijing-based company plans to sell 21 million shares priced at between $13 and $16 per share.
  • Shanghai-based competitor Dingdong Maicai, which filed its own IPO proposal at around the same time as Missfresh earlier this month, will sell 23 million shares with a price range of $23.50 to $25.50 per share.
  • This could raise $357 million for Dingdong when it debuts on the New York Stock Exchange, valuing the business at as much as $6 billion.

Why it matters:

Missfresh raised at least $800 million in funding last year, and counts Tencent, Goldman Sachs, and Abu Dhabi Capital Group among its existing investors.

Dingdong closed a Series D round last month which saw it raise over $1 billion in funding from SoftBank’s Vision Fund II, Coatue Management, General Atlantic, and Sequoia Capital.

Tiger Global has invested in both companies.

The most recent edition of AgFunder and AFN‘s China Agrifood Startup Investing Report found that the eGrocery category – comprising companies selling produce and other groceries online and delivering them to consumers – raised $3.6 billion in total in 2020, making it the country’s single highest-funded category. [Disclosure: AgFunder is AFN‘s parent company.]

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