1 min read.Updated: 25 Jun 2021, 11:31 PM ISTReuters
The company sold 21 million American depositary shares (ADSs) in its initial public offering (IPO) at the lower end of its target range earlier in the day, raising $273 million
Tencent Holdings Ltd-backed Missfresh Ltd's shares fell more than 18% in their U.S. stock market debut on Friday, giving the Chinese online grocery company a market capitalization of about $2.5 billion.
The company sold 21 million American depositary shares (ADSs) in its initial public offering (IPO) at the lower end of its target range earlier in the day, raising $273 million.
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.
Chinese companies collectively raised $12 billion from U.S. listings last year, which is more than triple the amount raised in 2019, according to data from Refinitiv. This year, they are likely to surpass the amount raised in 2020.
J.P. Morgan, Citigroup, CICC and China Renaissance were the lead underwriters for Missfresh's offering.
This story has been published from a wire agency feed without modifications to the text.
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