Benzinga | Jun 29, 2021 04:53PM EDT

Dingdong Priced Downsized IPO At $23.50/ADS; Shares Jump 10% AH

* Chinese e-commerce company Dingdong (Cayman) Limited (NYSE:DDL) has priced its initial public offering of 4 million American depositary shares (ADS) at $23.5 per ADS. The total offering size is $95.7 million.

* The company downsized its IPO price after the Tencent Holdings Ltd - (OTC:TCEHY) backed rival grocery app Missfresh Ltd (NASDAQ:MF) IPO debacle last week.

* After opening 18% below the offer price of $10 per ADS on Friday, shares of Missfresh have dropped almost 33% below their IPO price in late afternoon trading on Monday,

* The ADSs are expected to begin trading on the New York Stock Exchange on June 29, 2021, under the symbol "DDL."

* The IPO offering is expected to close on July 1, 2021.

* The company has granted the underwriters an option, within 30 days from the date of the final prospectus, to purchase up to an aggregate of 610K additional ADSs at $23.5 per ADS.

* Morgan Stanley & Co LLC, BofA Securities Inc, and Credit Suisse Securities (U.S.A.) LLC are acting as joint bookrunners and underwriter representatives for the proposed offering.

* Price Action: DDL shares are up 9.70% at $26 in the after-hours session on the last check Tuesday