Dingdong disclosed it would price its IPO on the New York Stock Exchange at $23.50 a share, on the low end of the proposed range and with fewer than 30% of the initial number of shares. Dingdong raised $95.69 million as a result, versus an offering that could have been as large as $357 million.
From our perspective, the IPO itself is a milestone and how much money we raised isn't that essential. We have adequate cash flow and that is our situation.Founder and CEO Liang Changlin told CNBC's Eunice Yoon Tuesday he planned to use the IPO proceeds for expanding the company in China, and investing in technology and talent.
"We just finished a Series D round of funding, and everyone knows we raised $1.03 billion dollars," he said in Mandarin, according to a CNBC translation. "So, from our perspective, the IPO itself is a milestone and how much money we raised isn't that essential. We have adequate cash flow and that is our situation."Dingdong said in its prospectus it had 1.45 billion yuan in cash, cash equivalents and restricted cash.
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