Dada Nexus Sets IPO at 16.5 Million ADSs; Sees Pricing at $15-$17 Each
June 01 2020 - 8:52AM
Dow Jones News
By Colin Kellaher
Dada Nexus Ltd., a Chinese delivery firm backed by JD.com and
Walmart Inc., on Monday said it expects to sell 16.5 million
American depositary shares at between $15 and $17 apiece in its
U.S. initial public offering.
At the $16 midpoint of the range, the Shanghai company said it
expects net proceeds of about $240.8 million, or roughly $277.7
million if the underwriters exercise their option to buy an
additional 2.5 million ADSs.
Dada Nexus said it will use the bulk of the proceeds from the
IPO to implement its marketing initiatives and grow its user base,
and to invest in technology and research and development.
Dada Nexus said Chinese e-commerce company JD.com, which
currently owns a 45.3% diluted stake, may buy up to 3.75 million
ADSs in the offering, while Walmart, which currently holds a 9.5%
interest, may buy about 1.9 million ADSs.
Dada Nexus said it has applied to list the ADSs on the Nasdaq
Global Select Market under the symbol DADA.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
June 01, 2020 09:37 ET (13:37 GMT)
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