MF - Dingdong Maicai's U.S. IPO prices at bottom of range as investors cool on Chinese grocery apps

Brighton Lim / EyeEm/EyeEm via Getty Images Chinese grocery app Dingdong Maicai (DDL) priced its radically downsized U.S. IPO at a bottom-range $23.50 per American Depositary Share on Wednesday amid waning investor appetite for the sector. Dingdong said in a statement that it sold 4.07M ADSs through the initial public offering – way down from the 14M that it initially aimed to sell. The IPO also priced at the bottom of its expected $23.50-$25.50/share range. Additionally, the company cut underwriters’ options for overallotment shares to about 611,000 from the 2.1M previously planned. The company said that it expected to raise some $95.7 million through the downsized offering. Plans call for Dingdong to begin trading later Wednesday on the New York Stock Exchange under the ticker symbol “DDL.” Dingdong operates a top e-commerce app that lets Chinese consumers order fresh produce and other goods.   The company wrote in its F-1

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Dingdong Maicai’s U.S. IPO prices at bottom of range as investors cool on Chinese grocery apps