Tencent-backed Missfresh eyes US$3.8 billion valuation in US IPO

REUTERS: Chinese online grocery startup Missfresh Ltd is planning to raise as much as US$336 million from its US initial public offering, which is expected to value the company at up to US$3.8 billion at the top end of the range.

Missfresh, which is backed by an affiliate of Chinese gaming and social media giant Tencent Holdings Ltd, is offering 21 million American Depositary Shares at a price range of between US$13 and US$16 each.Founded in 2014, Missfresh is a mobile e-commerce platform that offers delivery services of fresh produce, including fruits, vegetables, dairy products, meat, beverages and drinks, and other daily dining and living items.

The COVID-19 pandemic has fueled online demand for fresh produce in China, with e-commerce companies including Dingdong Macai, Alibaba Group and Pinduoduo competing aggressively to grab a major slice of that vast market.Missfresh also counts Abu Dhabi Capital Group and Tiger Global Management among its backers.JPMorgan, Citigroup, CICC and China Renaissance are the lead underwriters for the offering.

Singapore Latest News, Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

The Hitman's Wife's Bodyguard tops US box office, edging out A Quiet Place 2The film is a sequel to the 2017 action comedy The Hitman's Bodyguard, and stars Ryan Reynolds, Salma Hayek and Samuel L Jackson.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Golf-Spaniard Rahm wins US Open for first major titleSpaniard Jon Rahm birdied the final two holes to emerge last man standing and win a wild U.S. Open at Torrey Pines on Sunday.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

New US envoy for North Korea to huddle with South Koreans, JapaneseSEOUL: The United States' new top envoy for North Korea was scheduled to meet counterparts from South Korea and Japan during a visit to Seoul on ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Golf-McIlroy says US Open tie for seventh a 'big step'SAN DIEGO, Calif.: A bad shot and an even worse break derailed Rory McIlroy's hopes at the U.S. Open on Sunday but while the Northern ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

US and French astronauts make ISS spacewalkA French and an American astronaut embarked on a spacewalk on Sunday to complete the installation of new solar panels to boost power supplies to ... Outdated machines
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

S Korea's SK bioscience to invest US$132 million to boost vaccine productionSEOUL: South Korea's SK bioscience said on Monday it plans to expand vaccine production by investing about 150 billion won (US$132 million) by ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »