June 5, 2020 / 1:41 PM / a month ago

China's Dada Nexus raises $320 million in U.S. IPO

People wearing face masks walk as they attend a ceremony to celebrate DaDa's U.S. initial public offering (IPO) on New York's Nasdaq, following the coronavirus disease (COVID-19) outbreak, in Shanghai, China June 5, 2020. REUTERS/Aly Song

(Reuters) - Chinese online grocery firm Dada Nexus Ltd on Friday raised $320 million in an upsized initial public offering, amid increased scrutiny of Chinese companies pursuing U.S. listings.

Dada priced its IPO of 20 million American Depository shares (ADS) at $16 each, valuing it at $3.5 billion.

The firm had earlier planned to sell 16.5 million shares at a range of $15–$17 per share.

(This story corrects valuation to $3.5 billion from $13.99 billion in second paragraph)

Reporting by Abhishek Manikandan; Editing by Sriraj Kalluvila

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