Dingdong (DDL) IPO Opens 19% Higher

Today's IPO for Dingdong (NYSE: DDL) opened for trading at $28 after pricing 4,072,000 American Depositary Shares ("ADSs"), each two representing three Class A ordinary shares of the Company, at a price of US$23.50 per ADS.

Morgan Stanley & Co. LLC, BofA Securities, Inc., and Credit Suisse Securities (USA) LLC are acting as joint bookrunners and underwriter representatives for the proposed offering. Mission Capital Management Limited is also acting as underwriter for the offering.

Dingdong (Cayman) Limited is a leading and fastest-growing on-demand e-commerce company in China providing users with fresh produce, meat and seafood, and other daily necessities through a convenient and excellent shopping experience supported by an extensive self-operated frontline fulfillment grid. From its core product category of fresh groceries, Dingdong has expanded to provide other daily necessities to grow into a leading one-stop online shopping destination in China for consumers to make purchases for their daily lives. At the same time, Dingdong is working to modernize China's traditional agricultural supply chain through standardization and digitalization, empowering upstream farms and suppliers to make their production more efficient and tailored to actual demand.

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