SoftBank-backed Chinese grocery app Dingdong targets over $6b valuation in US IPO

SoftBank-backed Chinese grocery app Dingdong targets over $6b valuation in US IPO

Photo by Fikri Rasyid on Unsplash

Chinese unicorn Dingdong, backed by SoftBank Vision Fund II, is aiming for a more than $6 billion valuation in its New York debut as the grocery app joins Asian tech startups seeking to tap into the IPO boom in the United States.

The valuation represents a jump of over 20% from the $5.1 billion the company was worth after the Japanese conglomerate invested in it last month.

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