Sequoia Capital and Tiger Global Management-backed Chinese grocery app Dingdong Maicai has filed for a U.S. initial public offering.
The coronavirus-induced COVID-19 pandemic has fueled online demand for fresh produce in China, with e-commerce companies including Alibaba Group, Dingdong, and Pinduoduo competing to grab a bigger market share.
Last month, Dingdong raised $330 million, in a new funding round that was led by SoftBank Vision Fund, bringing the total amount raised to more than $1 billion.
According to the company’s regulatory filing, its shares will be listed on the New York Stock Exchange under the “DDL” symbol. BofA Securities, Morgan Stanley, Mission Capital and Credit Suisse are underwriters for Dingdong’s IPO.