SoftBank-backed Dingdong rises 19% in market debut, valued at $6.6 bln

A delivery worker of Chinese online grocery Dingdong Maicai works at a shop on a street in Shanghai
A delivery worker of Chinese online grocery Dingdong Maicai works at a shop on a street in Shanghai, China June 10, 2021. REUTERS/Aly Song/Files

June 29 (Reuters) - Shares of Dingdong (DDL.N), backed by SoftBank Vision Fund II, opened 19% above their offer price in their market debut in the United States on Tuesday, giving the Chinese grocery app a valuation of $6.6 billion.

Stock opened at $28 per share, up from the initial public offering price of $23.50 per share.

(Corrects to say valuation of $6.6 bln, not $7 bln, in headline, paragraph 1)

Reporting by Niket Nishant in Bengaluru; Editing by Ramakrishnan M.

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