REUTERS: Chinese online grocery startup Missfresh Ltd is planning to raise as much as US$336 million from its US initial public offering, which is expected to value the company at up to US$3.8 billion at the top end of the range.
Missfresh, which is backed by an affiliate of Chinese gaming and social media giant Tencent Holdings Ltd, is offering 21 million American Depositary Shares (ADSs) at a price range of between US$13 and US$16 each.
Founded in 2014, Missfresh is a mobile e-commerce platform that offers delivery services of fresh produce, including fruits, vegetables, dairy products, meat, beverages and drinks, and other daily dining and living items.
The COVID-19 pandemic has fueled online demand for fresh produce in China, with e-commerce companies including Dingdong Macai, Alibaba Group and Pinduoduo competing aggressively to grab a major slice of that vast market.
Earlier this month, Dingdong also filed to list in the United States.
Missfresh also counts Abu Dhabi Capital Group and Tiger Global Management among its backers.
JPMorgan, Citigroup, CICC and China Renaissance are the lead underwriters for the offering.