Dada Group may raise $100m from US IPO

Dada Group, a Shanghai-headquartered on-demand delivery and retail company, filed on Tuesday with the US Securities and Exchange Commission to raise up to $100 million in an initial public offering. It plans to list on the Nasdaq under the symbol DADA.

Dada Group operates JD-Daojia ("JDDJ"), one of China's largest local on-demand retail platforms by gross merchandise volume in 2019, and Dada Now, a leading local on-demand delivery platform in China by number of orders in 2019, according to market consultancy iResearch, the company said in the prospectus.

Chinese e-commerce giant JD.com held 51.4 percent shares of the company as its largest shareholder.

Goldman Sachs, BofA Securities and Jefferies are the joint bookrunners on the deal.