(Reuters) – Shares of Dingdong, backed by SoftBank Vision Fund II, opened 19% above their offer price in their debut on the New York Stock Exchange on Tuesday, giving the Chinese grocery app a valuation of $6.6 billion.
The stock opened at $28 per share, up from the initial public offering price of $23.50. At that valuation, Dingdong would be worth 29% more than the $5.1 billion it was valued at after the Japanese conglomerate invested in it last month.
Morgan Stanley, BofA Securities and Credit Suisse were the lead underwriters.
(Reporting by Niket Nishant in Bengaluru; Editing by Ramakrishnan M.)