SoftBank Vision Fund II backed DingDong debuted at 19% above the offer price at the New York Stock Exchange on Tuesday. This gives the Chinese grocery app a valuation worth $6.6 billion.
The initial public offering of $23.50 was exceeded as the stock opened at $28 per share.
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Dingdong, established in 2017 operates mainly in China’s first-tier cities of Shanghai, Beijing, Shenzhen, and Hangzhou.