Chinese e-commerce platform DMall hires banks for over $500m US IPO

Chinese e-commerce platform Dmall (Beijing) E-commerce Co has hired Bank of America, Goldman Sachs and JPMorgan for a U.S. initial public offering of over $500 million, three people with direct knowledge told Reuters.

The six-year-old company, incubated by retailer Wumart Group, has begun preparations for the IPO and the listing could happen in the second half of this year, said one of them.

Dmall opted for an IPO over a merger with a special-purpose acquisition company (SPAC) to go public, said two of the people and two separate sources with direct knowledge of the matter. Dmall did not immediately respond to a query for comment.

Bank of America, Goldman Sachs and JPMorgan declined to comment. All sources declined to be identified as the information is confidential.

Wumart’s founder Zhang Wenzhong founded Dmall in 2015 to develop the retailer’s online distribution channels. By end-October, Dmall had 120 chain store partners covering over 13,000 stores nationwide with 18 million monthly active users on its app, according to it website.

Dmall raised 2.8 billion yuan in its lastest funding round in October, which was led by the investment arm of The Industrial Bank Co and China Structural Reform Fund.

One of the people said the funding round valued Dmall at $5 billion.

The company also counts Tencent Holdings, IDG Capital and Lenovo Capital as investors, its website shows.

Reuters

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.